Total Derivatives

Bonds - JPY

The JGB curve is bull flattening. Recent cheapening in 20y JGBs is likely to boost auction demand today. Japan plans to grow its Green Bond market.

JPY clearing basis continues to correct after being positive earlier this month. A 10s/20s/30s butterfly trade idea has been put forward.

There has been trade in 10y JPY swaps. Clearing basis is correcting lower. Abenomics is approaching its 7-year anniversary.

JGBs are rallying on a bullish correction fuelled by a weak growth report. The recent rise in JGB yields has eased pressure on the BOJ.

There has been flow in 2y JPY swaps and paying in 30y ahead of the ultra long JGB auction. Clearing basis popped into positive territory last week.

JPY clearing basis is approaching zero after spending 7 months in negative territory. Fiscal stimulus is expected to trigger more ultralong issuance.

BOJ Governor Haruhiko Kuroda spoke about a range of topics Tuesday and suggested that the MOF should issue more 40-50 year JGBs.

There has been trade in 30y JPY swaps and spreads have narrowed on the sell-off. The BOJ has highlighted its non-interest rate easing tools.

Listing of non-government issued bonds from the Asia Pacific markets over the past week.

The 2-5y sector of the JPY curve is flat as the market awaits the BOJ rates decision, where it has been suggested future rate cuts might be flagged.

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