[MARKET UPDATE] 10yr JGB futures are down nearly 70 ticks after reopening for the first time this week and following the global surge in yields on Wednesday

JGB futures have historically tended to track US and European long-end moves closely in such episodes, with the 10yr point the natural expression given its liquidity and benchmark status. What distinguishes these reopening moves is whether the gap holds into the cash session and the afternoon, or fades as domestic accounts absorb the move; persistent follow-through has usually signalled that the offshore trend itself is durable. The domestic overlay to watch is how the BoJ's purchase operations and any officials' comments respond to the yield level, since the bank has historically intervened verbally or operationally when moves in the long end accelerate beyond its tolerance. Auction demand at the next scheduled sales and super-long sector behaviour will show whether domestic buyers are stepping in at the new levels.