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Slightly Cheaper, Trade balance Data Tomorrow Alongside BoJ Rinban Operations

JGBS

JGB futures are holding weaker but sitting in the top half of today’s range, -15 compared to the settlement levels.

  • There hasn’t been much in the way of domestic drivers to flag. An Enhanced-Liquidity Auction of 5-15.5-year JGBs is due later.
  • The BoJ is concerned the soft yen could weaken the wage-price relationship (See MNI Policy MainWire)
  • (Bloomberg) -- Japan’s finance minister stopped short of issuing his strongest warning on possible market intervention in comments that fueled renewed yen weakness after the currency slumped to a fresh 34-year low overnight. (See link)
  • Cash US tsys are ~1bp cheaper in today's Asia-Pac session after yesterday's sell-off. Fed Chair Powell, Vice Chair Philip Jefferson and Richmond Fed President Thomas Barkin are scheduled to speak later today.
  • Cash JGBs are slightly cheaper across benchmarks. The benchmark 10-year yield is 0.6bps higher at 0.870% after setting a fresh YTD high of 0.884% earlier today.
  • The swaps curve has twist-steepened, with rates 3bps lower to 1bp higher. Swap spreads are tighter across maturities.
  • Tomorrow, the local calendar sees Trade Balance data alongside BoJ Rinban operations covering 1- to 25-year JGBs.
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