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Flattening Continues

JGBS

Not much to really add to our earlier comments surrounding the JGB space, with futures hitting the lunch bell -4 after finding some poise alongside the wider core global FI space in the wake of the latest Australian CPI reading. Cash JGBs twist flattened during the Tokyo morning, with the major benchmarks running 1bp cheaper to 4bp richer, with 20+-Year paper bid from the get go. A reminder that yesterday’s well-received 40-Year JGB auction has been a trigger for notable flattening of the wider JGB curve, with 40s now operating ~15bp shy of yesterday’s yield peak. Both domestic and macro headline flow has been rather limited since the Tokyo open, leaving cross-market impetus at the fore.

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Not much to really add to our earlier comments surrounding the JGB space, with futures hitting the lunch bell -4 after finding some poise alongside the wider core global FI space in the wake of the latest Australian CPI reading. Cash JGBs twist flattened during the Tokyo morning, with the major benchmarks running 1bp cheaper to 4bp richer, with 20+-Year paper bid from the get go. A reminder that yesterday’s well-received 40-Year JGB auction has been a trigger for notable flattening of the wider JGB curve, with 40s now operating ~15bp shy of yesterday’s yield peak. Both domestic and macro headline flow has been rather limited since the Tokyo open, leaving cross-market impetus at the fore.