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Twisting Steeper Within Tight Ranges

JGBS

The cash JGB curve has seen some light twist steepening during the morning, 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 ~1bp cheaper. Futures hit the lunch bell in line with late overnight levels, +1, unwinding an early uptick, but sticking to a narrow 10 tick range during the Tokyo morning.

  • 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.
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The cash JGB curve has seen some light twist steepening during the morning, 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 ~1bp cheaper. Futures hit the lunch bell in line with late overnight levels, +1, unwinding an early uptick, but sticking to a narrow 10 tick range during the Tokyo morning.

  • 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.