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A Touch Firmer After Holiday

JGBS

A modest bid crept into the JGB space as Tokyo participants played catch up after their mid-week holiday, leaving the major benchmarks 0.5-1.5bp richer across the curve, while JGB futures nudged higher, operating in a contained range to finish +5. The supportive global factors that we have outlined elsewhere aided the early bid.

Local headline flow saw PM Kishida push back against the recent speculation surrounding the potential for a fairly imminent cabinet reshuffle.

  • A softer round of PMI surveys was also observed, with the survey collators writing “activity at Japanese private sector firms declined for the first time in three months, according to November flash PMI data. Central to the latest downturn was a poor performance at Japanese manufacturing firms.”
  • Looking ahead, Friday’s local docket is headlined by Tokyo CPI and services PPI data
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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