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Curve Twist Steepens

JGBS

JGB futures print +3 last, sticking to a tight range during Tokyo dealing. The JGB curve is the exception to the broader rule in terms of the global core FI curves, twist steepening as opposed to twist flattening, with 20+-Year paper cheapening. It is hard to pin a particular reason to the move. There has been a lack of domestic news flow to focus on, outside of the flat prints across all 3 major Tokyo CPI readings, with that outcome a touch firmer than expected.

  • 10-Year JGB supply and the Q2 Tankan survey provide the major focal points on next week's local docket.
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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