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[MARKET ANALYSIS] JGBs continue to fall ahead of 20-year auction

The continued decline in JGB futures indicates growing upward pressure on yields, particularly with the 40-year JGB hitting a 16-year high as traders brace for the 20-year auction.

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Japan sells JPY 800bln 20-year JGBs; b/c 3.19x (prev. 4.10x, 12-month avg. 3.44x), average yield 3.2510% (prev. 2.916%)

[MARKET UPDATE] EUR/USD extends to new session highs at 1.1655 as DXY reverses earlier gains; newsflow remains light

[MARKET ANALYSIS] JGBs continue to fall ahead of 20-year auction

US President Trump is to deliver a special address at Davos at 13:30GMT / 08:30EST on Wednesday 21st

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  • UST Futures continues to hold onto losses seen in Monday’s futures session amid the absence of cash trade.
  • Bund Futures have completely reversed the haven-bid seen in Monday’s session, as the OAT-Bund spread continues to tighten following the use of Article 49.3 by French PM Lecornu to push through the budget.
  • JGB Futures briefly dipped below the 131 handle, as 40-year JGB yields hit its highest point since its debut in 2007. This comes ahead of the highly-anticipated 20-year JGB auction.
Context

This scenario suggests a shift in market sentiment, likely reflecting concerns over supply and prevailing interest rate dynamics, which could influence future expectations for Japanese monetary policy.

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