Total Derivatives

Swaps - JPY

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

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.

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.

There was light paying in 10-year JPY swaps in earlier trading, and the superlong-end has been better offered with flows noticed in 40-year.

The long-end of the JPY swap curve has been bid on optimism over the situation between China and the US.

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

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