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Tracking Recent Ranges, PPI Today, 5yr Supply Tomorrow

JGBS

JGB futures finished post Tokyo trade towards session lows. We closed at 144.47, -.07. This wasn't too far off lows from late last week, while highs came in near 144.90. More broadly we remain well within recent ranges.

  • Some light selling pressure came from a modest downtick in US Tsy futures, with core yields ending last week slightly higher. Fed rhetoric around whether enough has been done to contain inflation pressures remains a key on-going focus point.
  • 10yr JGB yields finished up at 0.85% on Friday, a touch above recent lows. Yields for the 20yr tenor have moved down more sharply compared to recent highs, closing at 1.555% on Friday. In the swap space, the 10yr rate is just below 1.04%.
  • The data calendar has the Oct PPI out today. 0.9% y/y is forecast against 2.0% prior.
  • Supply wise we have 5yr bonds tomorrow, then 1yr later in the week.
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