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Curve Steeper Into The Weekend

JGBS

The JGB curve saw some twist steepening, with an acceleration of super-long paper cheapening into the close. Futures held a narrow range, closing +3 on the day.

  • The latest round of BoJ Rinban ops saw the Bank leave the size of its 5-25 Year JGB purchases unchanged, with offer/cover ratios as follows:
  • 5-10 Year 2.51x (prev. 2.44x), 10-25 Year 2.75x (prev. 4.17x).
  • Elsewhere, Tokyo Governor Koike pleaded for people to refrain from unnecessary journeys out of the house.
  • Broader focus continues to fall on the local fiscal dynamic, with the potential for further clarity surrounding the matter during the coming week.
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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