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A round trip for JGB's today, after.....>

JGB SUMMARY
JGB SUMMARY: A round trip for JGB's today, after opening at 150.78, 7 ticks
higher than the Tokyo close but 4 ticks lower than the overnight close after
gains in the US session on Friday, JGB futures initially dropped alongside US
tsys, catching up with the move after WH strategist Bannon parted ways with the
Trump administration. After touching lows of 150.69 JGB futures bounced and head
into the close at 150.78 as traders took note of risk off sentiment in the
afternoon with the Nikkei just off session lows with the US and South Korea set
to hold military drills on the Korean peninsula. 
- Yields are little changed heading, the 10-Year yield last at 0.035% up 0.2bp.
Yields initially opened higher pressured by the sell off in futures but the move
was pared on the afternoon recovery. Sources note that at these yield levels
(namely below 0.05% in the 10-Year) the sector is unattractive to buy and hold
investors which has seen heavy receiving in swaps in 5-10 Years. Bill yields
finished higher on Friday with some suspecting window dressing for dealer
inventories, this move was reversed, though moves were uneven with several
issues resisting the sell off due to Y3.13tln of bill redemptions today.

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