In Tokyo morning trade, JGB futures are weaker, -17 compared to settlement levels.

  • (MNI) Japan's exports posted their fourth straight y/y rise in March thanks to solid exports of automobiles and ships, data released by the Ministry of Finance.
  • Exports of automobiles rose 7.1% in March following February's 19.8% gain while vessel shipments rose 36.0% vs. the prior month's 20.0%. Imports fell 4.9% y/y in March, reversing from 0.5% in February for the first drop in two months.
  • Japan posted a trade surplus of JPY366.5 billion, its first in three months following February's JPY377.8 billion deficit.
  • Cash JGBs are cheaper across the curve, with yields 0.1bp (4-5-year) to 1.6bps (1-year) higher. The benchmark 10-year yield is 0.5bps higher at 0.876% versus the YTD high of 0.884%, set yesterday.
  • The swaps curve has twist-steepened, with rates 3bps lower to 1bp higher. Swap spreads are tighter.
  • Today, the local calendar also sees BoJ Rinban operations covering 1- to 25-year JGBs.

JGBS: Futures Holding Weaker After Trade Balance Data, BoJ Rinban Operations Later

Last updated at:Apr-17 00:58By: Gavin Stacey

In Tokyo morning trade, JGB futures are weaker, -17 compared to settlement levels.

  • (MNI) Japan's exports posted their fourth straight y/y rise in March thanks to solid exports of automobiles and ships, data released by the Ministry of Finance.
  • Exports of automobiles rose 7.1% in March following February's 19.8% gain while vessel shipments rose 36.0% vs. the prior month's 20.0%. Imports fell 4.9% y/y in March, reversing from 0.5% in February for the first drop in two months.
  • Japan posted a trade surplus of JPY366.5 billion, its first in three months following February's JPY377.8 billion deficit.
  • Cash JGBs are cheaper across the curve, with yields 0.1bp (4-5-year) to 1.6bps (1-year) higher. The benchmark 10-year yield is 0.5bps higher at 0.876% versus the YTD high of 0.884%, set yesterday.
  • The swaps curve has twist-steepened, with rates 3bps lower to 1bp higher. Swap spreads are tighter.
  • Today, the local calendar also sees BoJ Rinban operations covering 1- to 25-year JGBs.

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