Total Derivatives

Japanese Yen (Jpy)

JPY rates market is firmer following a rally in US treasuries and amid disappointing domestic trade data.

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.

BEs compressed modestly against an largely inflation-unfriendly backdrop. Attention now turns to the more pertinent events for the asset class.

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.

Breakevens largely sulked into the weekend despite a broad-based risk-on move sparked once again by trade optimism.

JPY swaps have been offered despite a rally in Japanese equities, as the US-China trade situation still prompts better demand for safe-haven assets.

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.

JPY rates market has been slightly outperforming the mild rally in US treasuries in overnight trading. The long-end has been better offered.

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.

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