US EIA Crude Oil Stocks declines by 0.624M in the May 10 week

According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, “Outside of a general global bond sell-off, it seems that inflation expectations have contributed to the move in JGBs and allowed it to under-perform other markets.” The Japanese 5yr breakeven rate (currently 1.86%) is now more than 50bp higher since the BoJ's announcements in April and +130bp since the mid-2012 lows.