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Cash Little Changed, Futures Hold Lower

JGBS

JGB futures last -6 after failing to trade back to unchanged levels during Tokyo hours.

  • The majority of the major benchmarks on the cash curve print unchanged to 0.5bp richer on the day.
  • The space initially benefitted from the uptick in U.S. Tsys and press reports pointing to the impending state of emergency declaration covering Okinawa prefecture (after the region recommended such a move on Wednesday).
  • The latest round of BoJ Rinban operations saw the sizes of the purchase buckets in play left unchanged, with marginal, albeit mixed (and inconsequential), moves observed in the offer to cover ratios.
  • 20-Year JGB supply headlines the local docket on Friday, with national CPI & flash PMI data also due.
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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