The JGB Markets: A Japan and JGB Guided Market

Last week, we saw a very sharp reversal in fall in yields upon this US non-farm payrolls data coming in weaker than expected on Friday. But note that on Friday, during Japan trading hours, which is well before the non- Farm Payrolls print, that, because, you know, that came out after Japan market closed for the weekend. Before that, JGB and US treasure yields had already seemed to stabilize and top out prior to that. And then we got the US non-FarmPayrolls catalyst a few hours later to actually move markets sharply. So the overall price action in yields, both up and down, has indeed been a combined effort from the US catalyst

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