Total Derivatives

Japanese Yen (Jpy)

JPY swaps have been offered with the 5- to 10-year area slightly outperforming others. 10s/20s swaps have steepened up to their new high.

With all the card stacked against it today, BEs continued falling into the bear steepening abyss today with little aid from month-end index demand.

JPY swaps have been offered with the curve flattening to the 5- to 7-year area. Superlongs have been underperforming due to the weak yen.

BEs remained under bear steepening pressure, extending their recent rout as rebalancing flows continue to pressure TIPS.

The JPY rates market saw clearer rally in the afternoon session when offers in 10-year flattened 2s/10s swaps. Superlongs have been underperforming.

Risk-off sentiment once again hits BEs with valuations now looking attractive at the front-end to some.

There has been a pickup in JPY forward trade. Bets on the BOJ dropping its YCC commitment are backing interest in the Japanese Bear Trade.

There has been flow in long JPY swaps and forwards after the latest BOJ minutes highlighted the weak yen as a risk to the economy.

Long swap flow has picked up after Thursday's poorly received 20y JGB auction. Renault issued a 3y Samurai Bond.

Today’s decent $18bn 5y TIPS re-opening managed to improve the performance of the 5y BEs while other tenors softened up again.

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