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Steeper After The Holiday

JGBS

JGB futures lacked any real direction after Tuesday's Tokyo holiday, but were a little firmer in the afternoon, finishing +6 on the day. Cash trade saw mixed performance out to 10-Years, with some underperformance for the super-long end, resulting in bear steepening, while longer dated swap spreads were a touch wider on the day.

  • Japanese Finance Minister Aso provided plenty of headline fodder, although none of it was new. Aso once again pointed to the COVID-driven deterioration in Japan's fiscal situation, while deploying some well-trodden rhetoric re: JGBs.
  • A liquidity enhancement auction for off-the-run 5-15.5 Year JGBs saw the bid/cover ratio firm above 5.00x, likely providing light support to that area of the JGB curve in the afternoon.
  • 1-10 Year BoJ Rinban ops headline locally on Thursday
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets

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