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Rinban Operations Support Market, National CPI Tomorrow

JGBS

JGB futures are stronger, +6 compared to settlement levels, and near session bests.

  • Outside of the previously outlined Weekly International Investment Flow and Jibun Bank PMIs, there hasn't been much in the way of domestic data drivers to flag. Machine Tool Orders data is due later.
  • However, the market's focus today was on BoJ’s Rinban Operations covering 1-10-year JGBs after the 10-year yield reached a fresh cycle high above 1% yesterday.
  • The BoJ left the bond buying amounts unchanged at today’s operations. Nevertheless, the operations went smoothly with negative spreads across the buckets and moderate to low offer cover ratios. This provided support for the market in the afternoon session.
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s modest post-FOMC Minutes cheapening.
  • The cash JGB curve has twist-steepened, pivoting at the 30s, with yields 1.2bp lower (7-year) to 1.5bp higher (40-year). The benchmark 10-year yield is 0.8bp lower at 1.001% after setting a fresh cycle high of 1.011% yesterday.
  • Swap rates are 1bp lower to 1bp higher, with swap spreads mixed.
  • Tomorrow, the local calendar will see National CPI and Department Sales data.
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