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Barclays highlight that "USD/JPY basis........>

JAPAN
JAPAN: Barclays highlight that "USD/JPY basis beyond the 1y sector continues to
tighten as a trend and is now at its tightest level since 2014. Such tightening
pressures continued even in the 5-Year sector, despite the usual brisk issuance
of samurai bonds in June, likely reflecting the tight levels in the front-end as
well as tightening pressures across major currencies (eg, Europe). Looking
ahead, the current trend is likely to continue due in part to the seasonal
tendency toward tightening in 1-Year+ USD/JPY basis from July onward."
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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