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Curve Bull Flattens, Futures Hold Narrow Ranges

JGBS

JGB futures oscillated either side of late overnight levels during the Tokyo morning, hitting the lunch bell +11. Meanwhile, cash JGBs run flat to ~2bp richer as the curve flattens. This comes as the swap curve twist flattens, with benchmark rates there running 0.5bp higher to 1.5bp lower, pivoting around 10s. Local headline flow was limited, which left participants to adjust to the broader market moves observed since yesterday’s Tokyo close.

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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