[MARKET ANALYSIS] Surge in long-term bond outflows pressures JGBs

The surge in long-term bond outflows is applying pressure on Japanese Government Bonds (JGBs), with significant foreign selling signaling a lack of confidence despite softer consumer price index data.

Newsquawk StaffPublished 1 May 2026, 01:44 UTCOn the live feed at 01:24 UTC — 2 more headlines followed before this page went public

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01:30

Australian PPI QoQ (Q1) Q/Q 0.4% vs. Exp. 1.5% (Prev. 0.8%)

01:30

Australian PPI YoY (Q1) Y/Y 3.0% (Prev. 3.5%)

01:24

[MARKET ANALYSIS] Surge in long-term bond outflows pressures JGBs

01:10

[MARKET ANALYSIS] USD/JPY regains 157.00 handle following cooler Tokyo CPI

01:01

Australia sells AUD 1.0bln 4.50% 2033 bond: b/c 3.56x, average yield 4.8608%

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UST Futures trades at the lower end of a 110-17+ to 110-22+ range, primarily driven by the downside in JGBs. ISM Manufacturing PMI is expected later, with the headline figure expected at 53.1 (prev. 52.7).
Bund Futures are closed due to Labour Day holiday.
JGB Futures has started the Asia-Pac session on the backfoot, reversing the majority of Thursday’s pre-cash gains. The selloff came following Japan's weekly investment flows, in which foreigners sold a net JPY 786.9bln in long-term bonds. This seemingly overlooked the cooler-than-expected Tokyo CPI, as 10yr JGBs fell to a low of 129.30 low.

Context

As JGB futures open the session lower, this could impact overall risk sentiment, particularly in relation to UST and Bund movements ahead of key ISM Manufacturing PMI data today. Watch for how this environment could shift investors' appetite for duration and potentially affect market expectations for Japanese monetary policy.

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