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Futures Away From Early Highs

JGBS

Futures have backed away from early Tokyo highs after the re-open saw an extension of the overnight uptick. Confirmation of the rumored Y55.7tn fiscal spending package (with total support meeting the expected Y79tn watermark) via Japanese PM Kishida seemingly applied the pressure, with the need for swift compilation (by year end) and disbursement highlighted. Futures +6 vs. settlement come the lunch bell. Cash JGBS runs flat to 1bp richer across the curve, with the super long end seeing some light outperformance on the previously touted lessening of issuance concerns.

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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