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Richer, Curve Twist Flattens, Weaker Data, BoJ Ueda Comments On Inflation

JGBS

JGB futures are stronger in afternoon Tokyo trade, reaching a session high of 148.79 in morning trade and currently standing at 148.73, +19 compared to the settlement levels.

  • JGB futures were supported by a slight richening in US tsys in Asia-Pac trade. Cash tsy yields are around 1bp lower as a bill to suspend the $31.4 trillion U.S. debt ceiling advanced as a key House of Representatives committee voted to send it to the full chamber for a Wednesday vote.
  • In terms of domestic drivers, weaker-than-expected data supported the market, but this impetus was somewhat neutralised by comments from BoJ Governor Ueda on inflation, stating that it may be tough to deny the chance we are already in a new normal, different from the period of “low for long”.
  • Cash JGBs hold their twist flattening in afternoon Tokyo trade with yields lower beyond the 1-year zone. The benchmark 10-year yield is 1.1bp lower at 0.424%. The outperformer on the curve is the 20- to 40-year zone, which sees yields 1.3 to 1.9bp lower.
  • The swaps curve has bull flattened with rates 0.3-2.2bp lower. Swap spreads are tighter across the curve.
  • The local calendar tomorrow sees Q1 Capital Spending and Company Profits, Weekly Investment flow data and Jibun Bank PMI Mfg (May F).
  • The MoF also plans to sell Y2.7tn of 10-year JGBs.
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