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Richer, Mid-Range At Lunch, 2-Year Supply Due

JGBS

At the Tokyo lunch break, JGB futures sit in the middle of the Tokyo morning session range, +12 compared to the settlement levels.

  • There have been limited domestic factors to highlight, aside from the May retail sales data surpassing expectations and the investment flows data indicating persistent substantial selling of JGBs by foreign investors.
  • Cash JGBs are little changed across the curve beyond the 1-year zone (+0.9bp) with the 20-year zone the best performer (0.6bp richer). The benchmark 10-year yield is 0.4bp lower at 0.385%, below the BoJ's YCC limit of 0.50%.
  • The 2-year benchmark yield is 0.3bp higher at -0.063%, showing a slight concession on the curve ahead of today’s supply.
  • The swap curve twist flattens, pivoting at the 7-year, with rates ranging from +0.5bp (2-year) to -1.3bp (30-year). Swap spreads are generally wider out to the 7-year and narrower beyond.
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