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Tight Tokyo Trade


The cash JGB curve has seen some light twist steepening during Tokyo hours, with the impetus from Monday’s U.S. Tsy trade and an uptick in most of the major regional global equity indices in the driving seat.

  • That leaves cash JGBs running 0.5bp richer to a little under 1bp cheaper. Futures are roughly in line with late overnight levels, +2, unwinding an early uptick, but sticking to a narrow 12 tick range during the Tokyo session.
  • Local headline flow has been limited, with Finance Minister Suzuki & BoJ Deputy Governor Amamiya reaffirming the heavily discussed policymaker view re: recent FX moves, while Amamiya also reiterated the central BoJ view re: aspects of monetary policy.
  • We also got confirmation of the previously outlined story re: small trial tourist groups being allowed to visit Japan later this month, as the country looks to re-open its borders.
  • Prelim Q1 GDP data & 5-Year JGB supply headlines the local docket on Wednesday.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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