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PPI Weaker Than Expected, JGB 10yr Futures To Fresh Highs

JAPAN

Japan's May PPI printed weaker than expected, coming in at -0.7% m/m (forecast -0.2%), although Apr was revised slightly higher to 0.3%, versus 0.2% prior. The y/y pace came in at 5.1% y/y, versus 5.6% expected and 5.9% prior. Import prices were a noticeable drag at -9.6% y/y, while industry results were mixed. Manufacturing slightly negative in y/y terms.

  • Japan 10yr JGB futures have opened higher, last around session highs, currently 148.22 (+0.21). This is comfortably above Friday session highs. This is fresh multi week highs in the contract.
  • Ex BoJ Deputy Governor Wakatabe was on Bloomberg Tv and stated that he was unsure if the BoJ would change policy in July, but expected some sort of upward revision to the inflation profile.
  • USD/JPY has been relatively steady, last in the 139.35/40 region.
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