JGBS: Cheaper Ahead Of FOMC Decision Later Today, BoJ March Minutes Tomorrow

JGB futures are holding weaker in the Tokyo afternoon session, -24 compared to
the settlement levels, after dealing in a relatively narrow range ahead of the
FOMC Policy Decision later today.

* There hasn't been much in the way of domestic drivers to flag, outside of the
previously outlined Jibun Bank PMI Mfg.
* Cash US tsys are dealing little changed in the Asia-Pac session after
yesterday's heavy session.
* Cash JGBs are mostly cheaper, with yields flat to 3bps higher. The benchmark
10-year yield is 1.3bps higher at 0.892% versus the YTD high of 0.930%.
* The swaps curve continues to twist-steepen, pivoting at the 20s, with rates
-2bps to +3bps. Swap spreads are tighter out to the 10-year and wider beyond.
* Tomorrow sees the BoJ Minutes of the March Meeting alongside Monetary Base
and Consumer Confidence data.
* The MoF will also conduct a Liquidity Enhancement Auction for 1-5-year OTR
JGBs.