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Firmer, Led By The Long End

JGBS

JGB futures ticked higher as we moved through Tokyo trade, last +7, just shy of best levels. The long end leads the bid in the cash JGB space given the overnight lead from U.S. Tsys, as 20s and 30s richened by ~1.5bp, with spill over from yesterday's 30-Year JGB auction also touted.

  • There was nothing of note on the local news front, while the latest round of BoJ Rinban operations revealed flat to higher offer to cover ratios across the 1- to 10-Year buckets when compared with the prior respective operations.
  • PPI data and a liquidity enhancement auction for off-the-run 5- to 15.5-Year JGBs headline locally on Thursday.
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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