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Curve Flattens, Aided By Speculation On BoJ Rinban Plan

JGBS

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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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.