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Subdued Trading, PPI Data Has Little Impact

JGBS

At the Tokyo lunch break, JGB futures are holding a small gain, +6 compared to settlement levels on Friday, after resuming trading following yesterday’s National Foundation Day holiday.

  • There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined PPI data.
  • (BBG) Japan’s planned sovereign climate transition bonds are likely to be included in the BoJ’s debt-purchase operations and may trade at a premium to JGBs because of their rarity, says Koichi Sugisaki, executive director at Morgan Stanley MUFG Securities. (See link)
  • Cash US tsy yields are dealing flat to 0.5bp lower across benchmarks in today’s Asia-Pac session.
  • Cash JGBs are little changed, with yield movements from +0.8bp (2-year) to -0.2bp (20-year). The benchmark 10-year yield is 0.1bps lower at 0.725% versus the Nov-Dec rally low of 0.555%.
  • Swaps are slightly richer out to the 10-year and slightly cheaper beyond. Swap spreads are mixed.
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