Yesterday’s bull flattening extends in early Tokyo trade, with cash JGBs running flat to 3bp richer across the curve, as 40s lead the bid and JGB futures nudge a little higher, last +24. There may be some support derived from speculation re: the BoJ lifting the size of some of its scheduled JGB purchases in its quarterly Rinban plan (with some looking for increases in 5- to 25-Year purchase sizes), which will be released after hours today. A reminder that the BoJ has conducted off-schedule and larger-than-outlined Rinban operations in recent weeks, as it defended its YCC settings.
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