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Curve Bull Flattens, Futures Firm Ahead Of BoJ Purchases

JGBS

JGBs bull flatten, with the cash benchmarks running 1.5-5.0bp richer across the curve, while futures have extended through their overnight high, last dealing +58. The presence of the aforementioned round of BoJ purchases (with sizes and tenors of those operations yet to be confirmed, see earlier bullet for more on that) is probably a supportive factor, with participants perhaps willing to cover existing shorts ahead of that event given the size of this week’s moves in both cash and futures markets.

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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