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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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JGBS: Futures finished the overnight session at unchanged levels, after bulls
failed to mount a challenge of yesterday's Tokyo high.
- A reminder that Japanese policymakers will be speaking with an expert panel
today, and could issue a decision re: the potential extension of the national
state of emergency beyond May 6.
- Also worth noting the previous bullet re: Japanese GDP expectations, per the
latest Nikkei survey.
- Finally, after hours yesterday saw BoJ Governor Kuroda state that the central
bank wants to unleash a new lending facility to support financing to smaller
firms as quickly as possible and that he would like to call a inter-meeting
gathering of the board to push it through (no real surprise there, given our
most recent insight pieces and the passage re: the matter in the statement
issued alongside the latest decision).
- Tokyo CPI, final m'fing PMI and an enhanced liquidity auction for off the run
1-5 Year JGBs headline the local docket today. Expect liquidity to remain
limited around the Golden Week holiday period.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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