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Coiling Pre-BoJ

JGBS

JGB futures stuck to a tight range during the Tokyo session, finishing +1. Local headline flow was light, with the latest round of BoJ Rinban operations seeing no change to the size of the purchases witnessed in each bucket. The 1-10 Year purchases saw upticks in offer/ratio vs. their prev. rounds of buying, although the moves in the respective metrics were minor, while the offer/cover ratio for the ops covering 10-25 Year JGBs moderated. The super long end of the curve unwound its early underperformance in the afternoon against this backdrop (even though the BoJ Rinban ops didn't go past the 25-Year tenor), with the curve a touch flatter at typing as a result.

  • Thursday's local docket is limited at best, with focus on Friday's BoJ decision & the release of the Bank's monetary policy review evident.
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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