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JGBS: Sell Off After Rengo Wage Demands Hit Highest Level Since '93

JGBS
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Futures sell off in post-Tokyo trade after Rengo annual wage demands hit the highest level since ’93 (+6.09%).

  • This has factored into the wider sell off in bonds since European trade got underway, with core global FI markets remaining fragile after yesterday’s meaningful sell off that followed German political leaders’ reduction in fiscal restraint.
  • JGB futures moved from 138.53 to as low as 138.12 following the Rengo headlines, before a recovery to 138.30.
  • Next support located at the 1.0 10-DMA envelope (137.97).
  • 10-Year JGB yields hit a fresh cycle high above 1.55%, before easing back to ~1.54% at the close.
  • The ’09 high at 1.570% presents the next upside level of note in that benchmark.
  • 2s10s steepened by ~2bp following the Rengo headlines, hitting the steepest level seen since ‘July, closing ~8.5bp higher on the day at 68bp.
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Futures sell off in post-Tokyo trade after Rengo annual wage demands hit the highest level since ’93 (+6.09%).

  • This has factored into the wider sell off in bonds since European trade got underway, with core global FI markets remaining fragile after yesterday’s meaningful sell off that followed German political leaders’ reduction in fiscal restraint.
  • JGB futures moved from 138.53 to as low as 138.12 following the Rengo headlines, before a recovery to 138.30.
  • Next support located at the 1.0 10-DMA envelope (137.97).
  • 10-Year JGB yields hit a fresh cycle high above 1.55%, before easing back to ~1.54% at the close.
  • The ’09 high at 1.570% presents the next upside level of note in that benchmark.
  • 2s10s steepened by ~2bp following the Rengo headlines, hitting the steepest level seen since ‘July, closing ~8.5bp higher on the day at 68bp.