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Sell-Off Pared After 10Y Supply, BoJ Rinban Operations Tomorrow

JGBS
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JGB futures are holding near session lows, -16 compared to the settlement levels.

  • Outside of the previously outlined Monetary Base data, there hasn't been much in the way of domestic drivers to flag.
  • A Reuters survey conducted in late June/early July suggests the central bank's bond-buying program will be cut by roughly $100bn in the first year.
  • This comes ahead of the BoJ's meeting with industry participants on July 9-10, where taper plans by the central bank will be discussed. The next BoJ meeting is at the end of July. See this piece from our Tokyo policy team on BoJ tapering plans.
  • Cash US tsys are dealing flat to 2bps richer in today's Asia-Pac session after yesterday's bear-steepening.
  • Cash JGBs are flat to 1bp cheaper across benchmarks after today’s 10-year supply. The auction saw the low price beat wider expectations. However, the cover ratio fell to 3.277x from 3.662x at June’s auction. The tail was unchanged at a relatively short length.
  • The benchmark 10-year yield is 1.3bps higher at 1.074% versus the cycle high of 1.101%.
  • Swaps are little changed, with rate movement bounded by +/- 1bp.
  • Tomorrow, the local calendar will see Jibun Bank Composite & Services PMI data alongside BoJ Rinban Operations covering 1-5-year and 10-25-year JGBs.
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JGB futures are holding near session lows, -16 compared to the settlement levels.

  • Outside of the previously outlined Monetary Base data, there hasn't been much in the way of domestic drivers to flag.
  • A Reuters survey conducted in late June/early July suggests the central bank's bond-buying program will be cut by roughly $100bn in the first year.
  • This comes ahead of the BoJ's meeting with industry participants on July 9-10, where taper plans by the central bank will be discussed. The next BoJ meeting is at the end of July. See this piece from our Tokyo policy team on BoJ tapering plans.
  • Cash US tsys are dealing flat to 2bps richer in today's Asia-Pac session after yesterday's bear-steepening.
  • Cash JGBs are flat to 1bp cheaper across benchmarks after today’s 10-year supply. The auction saw the low price beat wider expectations. However, the cover ratio fell to 3.277x from 3.662x at June’s auction. The tail was unchanged at a relatively short length.
  • The benchmark 10-year yield is 1.3bps higher at 1.074% versus the cycle high of 1.101%.
  • Swaps are little changed, with rate movement bounded by +/- 1bp.
  • Tomorrow, the local calendar will see Jibun Bank Composite & Services PMI data alongside BoJ Rinban Operations covering 1-5-year and 10-25-year JGBs.