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A very tight Tokyo morning session for.........>

JGBS: A very tight Tokyo morning session for futures, with the contract having a
look above the overnight session highs, but lacking any real follow through,
going into the lunch break +10 ticks vs. settlement. The belly of the curve has
outperformed in cash trade.
- Local PPI data was in line with exp., while core machinery orders provided a
strong beat vs. exp.
- The latest round of 5-10 Year BoJ Rinban ops saw the purchase amount left
unchanged, with the cover ratio jumping to 3.99x (prev. 2.26x), still awaiting
spread details.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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