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10-Year JGB futures are 8 ticks.........>

JGB SUMMARY: 10-Year JGB futures are 8 ticks higher at 150.97, while the curve
was shaped by the BoJ's Rinban operations in the 5-10 Year bucket which
outperformed on the session as bonds either side of the sector lost ground,
while the yields of bonds within the sector dipped.
- It is worth noting that the offer to cover ratio seen in the operations picked
up ahead of 10-Year supply on Thursday.
- BoJ Gov. Kuroda noted that the Bank must continue with its monetary easing as
he appeared in parliament. He also stated that the BoJ was not currently
considering a comprehensive assessment of its monetary policy strategy. 
- Morgan Stanley believe that month end extensions could support the JGB space
in the early part of the week, with the bank estimating that the index including
JGB's with 1-Year+ until maturity should be extended by 0.2 years at month end.
- From a technical perspective fresh 2018 highs continue with bulls now focused
on 151.01. A close above 151.01 is needed to shift focus to 151.19-51. Daily
studies now at O/B levels is the key concern for bulls. In saying that, bears
now need a close below 150.85 to ease pressure on resistance layers.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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