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The Japanese MOF will today sell Y500bn of 40-Year JGB's, re-opening JB#13. The MOF last sold 40-Year debt on November 25, the auction drew cover of 2.670x at a high yield of 0.665%, low price of 94.30, with 21.4007% of bids allotted at the high yield.
- 40s tapped the cheapest outright level seen since early '19 in recent sessions, with reflationary impulses from abroad and speculation surrounding the BoJ's monetary policy review (and potential tweaks re: the Bank's YCC scheme) applying weight in recent weeks.
- Still, some have flagged seasonal domestic demand ahead of Japanese FY end as a potential supportive factor, in addition to the lack of a substantial range break during the latest round of cheapening.
- In relative terms, the 30-/40-Year JGB yield spread has seen some marginal steepening into supply, but has stuck to the range established in recent weeks.
- Results due at 0335GMT/1235JST.