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Correction Appears To Be A Bear Flag


Underpinned post cash open


(K3) Trend Direction Is Down


FVJ3 109.75 Puts Lifted


de Cos crossing the wires


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A Touch Cheaper This Morning, Narrow Ranges In Play


JGBs have been biased modestly lower during the Tokyo morning, with the major benchmarks running little changed to ~1bp cheaper at lunch, as 7s lead the weakness on catch up to the overnight softening in JGB futures. JGB futures initially looked lower, testing their overnight base, before the light bid in U.S. Tsys helped to stabilise JGBs.

  • This afternoon’s liquidity enhancement auction covering off the run 5- to 15.5-Year paper has perhaps added some extra weight to that zone of the JGB curve.
  • Fiscal news included reports that Japan will deploy construction bonds to cover part of the cost of developing its military facilities, after earmarking Y1.8tn for such spending through Mar ’28.
  • We also saw confirmation that Japan is in talks with the U.S. and other nations re: chip equipment exports to China, with the country currently speaking to companies re: any potential impact from the touted steps.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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