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The wider weakness in core global FI markets applied pressure to JGB futures in overnight dealing, with the contract closing 8 ticks below settlement levels after pulling back from worst levels of post-Tokyo trade, alongside a similar move in U.S. Tsys. Note that futures haven’t threatened a test of their cycle lows, which sit ~35 ticks below current levels.

  • Note that the Japanese government has upgraded both its overall economic assessment and its view of private consumption. The Japanese economy “shows movements of” picking up as the severe Covid situation “is easing,” the Cabinet office said, noting that private consumption also “shows movements of” picking up recently.
  • In fiscal matters, NHK reported that the Japanese government is currently undertaking preparations re: lifting the cap of temporary gasoline subsidies provided to oil distributors to Y35/litre from Y25/litre.
  • National CPI & flash PMI data, as well as the latest round of BoJ fixed rate operations headline the domestic docket on Friday. Note that Thursday’s fixed rate operations drew 0 offers from market participants, with 10-Year JGB yields pinned to 0.25% (the upper end of the BoJ’s permitted -/+0.25% trading band).

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