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JGBS: Futures continue to struggle for follow-through above yesterday's highs,
finishing the morning session 11 ticks above settlement levels, with the curve
- Caution re: Coronavirus in the Asia-Pac region has supported prices, while the
latest round of commentary from senior government ministers and BoJ Governor
Kuroda have done little to inspire price action. Most recently, it appears that
Kuroda was questioned in parliament re: a hypothetical wind down of the Bank's
ETF purchases. He answered this as you would expect i.e. to happen when CPI
approaches target and with an eye on market impact.
- CPI data was in line with exp. while flash PMIs were soft across the board.
- The BoJ left the size of its 1-10 Year JGB purchases unchanged in today's
Rinban operations, with spreads tightening and offer/cover ratios moderating.
Breakdown of ops were as follows:
- 1-3 Year: Cover 4.05x (prev. 4.27x), Average Spread -0.006 (prev. 0.003)
- 3-5 Year: Cover 3.02x (prev. 3.27x), Average Spread -0.008 (prev. 0.006)
- 5-10 Year: Cover 2.33x (prev. 3.52x), Average Spread -0.0014 (prev. 0.010)