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Futures Holding Stronger, BoJ Rinban Results Due

JGBS

At the Tokyo lunch break, JGB futures are holding a gain, +9 compared to settlement levels, but have slightly pared post-Tokyo gains ahead of the weekend.

  • There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined Q4 capital spending and company profits data.
  • Cash JGBs are dealing slightly mixed, with yield movements bounded by +/- 1bp. The benchmark 10-year yield is 0.1bp higher at 0.718% versus the Nov-Dec rally low of 0.555% and the February high of 0.772%.
  • Results of today’s BoJ Rinban operations covering 1-3-year and 10-25-year+ JGBs are due.
  • Swaps are richer, with rates flat to 1bp lower. Swap spreads are generally tighter.

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