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Futures finished the morning session 21........>

JGBS
JGBS: Futures finished the morning session 21 ticks above settlement as the
contract built on the overnight gains, with regional equity markets taking a hit
in spill over from Wednesday's Wall St. session. The contract was just off best
levels at the lunch break as the Nikkei 225 edged away from session lows.
- Another session of outperformance for the belly of the curve after Tuesday's
well-documented weakness.
- Perhaps some trepidation in the long-end ahead of today's liquidity
enhancement auction for off-the-run 15.5-39 Year JGBs. Which would be justified
given the recent BoJ Rinban dynamics and the Bank's clear desire to steepen the
JGB
curve, which resulted in a weak 10-Year offering on Tuesday.
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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