Bull Flattening The Order Of The Day

The uptick in wider global core FI markets observed since late morning NY trade on Thursday provided some support for JGB futures during the Tokyo session, with the contract last at unchanged levels, unwinding overnight losses in what has been a fairly sedate end to the week.. Cash JGB trade sees the long end lead the bid (lifers putting cash to work?), with the major benchmarks little changed to ~5bp richer on the day (note that swap spreads are tighter across the curve, meaning that receiver side swap flow has likely been aiding the JGB bid). There hasn’t been much in the way of meaningful domestic news flow to trade off, leaving wider market gyrations at the fore. Looking ahead, BoJ Rinban operations headline locally on Monday.