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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.
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