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Eyeing The Long Weekend

JGBS

JGB futures held a tight range, going with the broader ebb and flow in Tokyo hours, holding a tight range, last +4 on the day. 2s outperform in cash trade, with richening seen across the curve.

  • Local data was better than expected, although both household spending and earnings data was still negative in Y/Y terms.
  • BoJ 1-3 & 5-10 Year Rinban ops saw steady purchase sizes. 1-3 Year ops saw an uptick in the cover ratio and a slight widening of spreads vs. prev ops in the bucket, while the 5-10 Year ops saw a steady cover ratio and slight widening of the spreads (although spreads covering those ops were still negative).
  • Finance Minister Taro Aso was the latest to push back against the idea of a sales tax cut.
  • A reminder that the space will be closed on Monday owing to a national holiday in Japan.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets

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