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Subdued Session, Futures Fail To Hold Early Gains, BoJ Rinban Operations Tomorrow

JGBS

JGB futures have slipped back into negative territory, -6 compared to the settlement levels, after failing to hold strength sparked by gains in cash US tsys following news that President Biden would not contest the November election.

  • Early strength may also have received support from the surprise monetary easing by the PBoC. The PBoC announced a 10bp cut to the 7-day reverse repo rate, along with lower 1yr and 5yr LPRs.
  • Today, the local calendar will see Tokyo Condominiums for Sale data shortly alongside an Enhanced Liquidity Auction covering OTR 1-5-year JGBs later.
  • Cash JGBs are flat (2-3-year) to 3bps cheaper (40-year). The benchmark 10-year yield is 0.9bp lower at 1.053% versus the cycle high of 1.108%.
  • The swaps curve has twist-steepened, pivoting at the 20-year, with rates 1.3bps lower to 2.2bps higher. Swap spreads are tighter.
  • Tomorrow, the local calendar will see Machine Tool Orders data alongside BoJ Rinban Operations covering 1-10-year JGBs.
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