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BoJ Rinban Operations Suggest Pressure On JGBs Out To 10Y In Early Afternoon Dealings

JGBS

This morning’s BoJ Rinban operations saw positive spreads across all buckets and higher offer cover ratios for the 1-3-year and 5-10-year buckets (<1-year: 2.09x, 1-3-year: 4.29x, 5-10-year: 3.19x and 10-25-year: 3.29x). This may generate some slight pressure for JGBs out to the 10-year in early rounds of the Tokyo afternoon session.

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