Steady Ahead Of BoJ Ueda’s Appearance In Parliament & Jackson Hole Symposium

JGB futures are weaker and near session cheaps, -12 compared to the settlement levels.

• Outside of the previously outlined weekly International Investment Flow and Jibun Bank PMIs, there hasn't been much in the way of domestic drivers to flag.
• Machine Tool Orders data are due later alongside an Enhanced Liquidity Auction for 5-15.5-year OTR JGBs.
• Cash US tsys are flat to 1bp cheaper across benchmarks in today’s Asia-Pac session. The market’s focus now turns to advance PMIs and initial jobless claims later today, ahead of the Jackson Hole economic symposium, which will be held Aug. 22-24. Fed Chairman Powell will speak at 1000ET Friday morning.
• Cash JGBs are slightly mixed across benchmarks, with yield swings bounded by +/- 1bp. The benchmark 10-year yield is 0.2bp lower at 0.879% versus the cycle high of 1.108%.
• Swaps are flat to 1bp higher across the curve.
• Tomorrow, the local calendar will see National CPI and Department Sales data.
• BoJ Governor Ueda is scheduled to respond to questions from lawmakers in the lower house of parliament from 0930 JT tomorrow, followed by another session in the upper house starting at 1 p.m. Each session is set to last two and a half hours.