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7s Now Lead Weakness

JGBS

The previously alluded to post-liquidity enhancement auction richening in the super-long end has extended a little, with the major cash JGB benchmarks now running flat to ~2bp cheaper across the curve. Note that 7s now represent the weakest point on the curve given relative weakness in futures, which have registered a fresh session low during the Tokyo afternoon, before moving away from worst levels to print -28.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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