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Ueda Comments Help Drive Futures Off Highs, Onshore Markets Closed Tomorrow

JGBS

JGB volatility has continued post the lunch time break. We were last 146.17, -.02. Earlier highs rested at 146.45. We remain above lows that were seen close to the open of 146.06.

  • BoJ Governor Ueda is before parliament at the moment and is generally giving upbeat comments around Japan's inflation and growth backdrop. The economy is expected to strengthen, and that Japan is experiencing inflation. This has likely weighed on futures to a degree.
  • Ueda also noted companies are becoming more active in terms of wage hikes, which is consistent with recent BBG reports from automakers, which granted larger rises this year compared to last year.
  • In the cash JGB space, we are firmer in yield terms, but only modestly and for the most part remain sub earlier highs. The 10yr was last near 0.73%. For swap rates, the 10yr was last just above 0.89%.
  • Tomorrow onshore markets are closed for the Emperor's Birthday holiday.
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