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Futures Holding Richer But Off Best Levels, BoJ Rinban Operations Due

JGBS

In Tokyo morning trade, JGB futures are stronger but off session highs, +12 compared to settlement levels.

  • With the domestic calendar empty today, futures move away from session bests most likely reflecting the 1-2bps cheapening in cash US tsys in today’s Asia-Pac session.
  • Nevertheless, cash JGBs are richer across benchmarks, with yields flat to 1.5bps lower. The benchmark 10-year yield is 1.5bps lower at 1.014% versus the cycle high of 1.108%.
  • The BoJ will conduct Rinban Operations covering 1-3-year and 5-25-year JGBs today.
  • Swap rates are lower across maturities, with the curve flatter and swap spreads tighter.
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