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3-Year JGBs underperformed on Friday, with.....>

JGBS: 3-Year JGBs underperformed on Friday, with the 10-20 Year sector also
underperforming against the remainder of the curve. The BoJ's Rinban operations
out to a 10-Year horizon also added further pressure to the space, as they came
in on the softer side.
- 3-Month TIBOR rose for a second consecutive day.
- The BoJ left its JGB buying operation plans for April unchanged vs. March.
- With FY end/month-end extensions out of the way the focus will now move to
flows going to work in the new FY. 10-Year JGB yields finished last week at
- Barclays note that "although profit-taking by banks typically puts upward
pressure on yields, led by the medium-term sector, where city bank holdings are
large, the scope for such selling may be limited compared with usual due to the
severe market investment conditions.
- Today's focus is likely to fall on the Tankan survey & BoJ Rinban ops, with a
10-Year JGB auction slated for later this week.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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