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10-year JGB futures have had a heavy session...>

JGBS
JGBS: 10-year JGB futures have had a heavy session after they hit resistance at
the 151.15 level yesterday. Their drop has extended down to 151.01 with up
trendline support giving way to shift the near-term outlook negative. 10-year
cash yields are up 0.8bps at 10.0bps but the downtrend remains intact for now. 
- Breakevens have failed to see the same kind of drop seen in the US but
Japanese 10-year real yields are still seeing upside pressure.
- The US-Japan 10-year spread is up 0.3bps las at 296.7bps. The real 10-year
spread trades near fresh cycle highs at 148.52bps, largely explaining the yen's
recent weakness.

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