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Subdued Start To Tokyo Session, BoJ Himino Speech Due

JGBS

In Tokyo morning trade, JGB futures are slightly weaker, -4 compared to settlement levels.

  • Today, the local data calendar is empty. However, BoJ Deputy Governor Himino will speak to business leaders at 1030 JST (0130 GMT). There are also BoJ Rinban Operations, which cover 3-25-year+ and inflation-indexed JGBs.
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s modest net movements.
  • Cash JGBs are little changed across benchmarks. The benchmark 10-year yield is 0.4bps higher at 0.888% versus the cycle high of 1.108%.
  • Swap rates are flat to 1bp lower out to the 30-year and 3bps higher beyond. Swap spreads are generally tighter.

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