JGB futures have traded off the wider impetus observed in global core fixed income markets, albeit within a very tight range. JGB futures sat 3 ticks above yesterday’s settlement levels after a limited round of trade as a result. Much softer than expected domestic industrial production data (which resulted in the government lowering its assessment of the state of industrial production to “weak”) had no impact on the space. Cash JGBs have richened by 0.5-2.0bp, with the long end outperforming, perhaps on the back of market speculation re: the prospect of the BoJ upping the size/frequency of Rinban purchases covering JGBs with more than 10 years until maturity, in a bid to defend its existing YCC settings (as we fleshed out earlier).
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