Japanese Yen (Jpy)

JPY Swaps: 10y bid steepens 2s/10s; SL slightly outperfor...

10- to 20-year JPY swaps saw paying interest although the SL has slightly outperforming the selloff in 10y. 2s/10s steepened up a tad.

USDi: Risk sentiment bounces back but BEs don’t amid buye...

While risk sentiment bounced back from an early stumble, BEs never joined amid a lack of buyers today.

JPY Swaps: Curve steeper; 20y spread disinverts further

JPY swaps saw slightly better paying despite further gains in the US treasury market. The curve steepened up and 20y spread disinverted more.

USDi: BEs keep a good thing going as ugly month-end fades...

BEs built on yesterday’s already heady gains as another uber-risk-on day as last week’s poor month-end performance fades.

JPY Swaps: Spreads narrower; Short forward flow; 10y JGB ...

JPY swap spreads are narrower. Short forwards have been active. On-auction 10y JGBs are expected to underperform but rally further in outright terms.

JPY Swaps: Curve corrects flatter; 20-30y spreads richen

The long end of the JPY curve has corrected flatter as yields have dropped and swap spreads have widened as 20-30 year JGBs have richened on the move.

JPY Swaps: 7y outperforms; 10-20y given; BNPP on basis ou...

7y JPY swaps have been slightly outperforming other maturities. 2s/7s is expected to see further corrective flattening.

USDi: Inflation headwinds build with BEs tumbling sharply...

A multitude of inflation headwinds – including some imported from abroad – weighed heavily on BEs with little resistance.

Basis: Year-end turn crashes front-end; Tighter JPY/USD?

Unlike recent gilt moves, a New Year turn collapse today in cross currency first breaks is not unprecedented. But only 2008 surpassed it.

JPY Swaps: Rally reversed; Long spreads cheapen

The JPY rates market has reversed its early gains as the session has progressed. 10y spreads have cheapened on long-end JGB underperformance.