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Cross-Market Impetus & Tokyo CPI In Driving Seat

JGBS

JGB futures oscillated during the morning session eventually going out +13 vs. Tokyo losses after some two-way trade, with bulls unable to challenge overnight sessions highs. The initial richeneing impulse observed in the super-long end has faded, probably aided by a combination of the modest cheapening seen in the U.S. Tsy space and the firmer than expected Tokyo CPI prints that we covered earlier, with benchmark cash JGBS now running 0.5bp richer to 0.5bp cheaper on the day. Wider headline flow has been limited ahead of the Jackson Hole symposium.

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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