Free Trial

Subdued Open To The New Year, US ADP Data Due Later Today

JGBS

In Tokyo afternoon dealings on the first local session of the year, JGB futures are stronger, +11 compared to settlement levels on Friday.

  • The session has been data-light, with Jibun Bank Japan PMI Mfg (F) as the sole release.
  • ICYMI, BoJ Governor Ueda said that he hopes wages and inflation will rise in a balanced manner this year. He added that the BOJ will be fully prepared to support the financial system after the earthquake in northwestern Japan earlier this week. (See Bloomberg link)
  • Cash US tsys are dealing flat to 2bps cheaper in today's Asia-Pac session as participants digest yesterday’s December FOMC Minutes, ahead of the release of US ADP private employment later today and December employment data on Friday.
  • Cash JGBs are dealing mixed, with yields 0.1bp lower to 2.4bps higher. The benchmark 10-year yield is 0.7bp higher at 0.621% versus the Nov-Dec rally low of 0.555%.
  • Swaps are little changed across maturities, with swap spreads narrower.
  • Tomorrow, the local calendar sees Monetary Base, Jibun Bank PMI Composite & Services and Consumer Confidence data.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.