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Futures Lead Rally In Afternoon Trade

JGBS

Nothing in the way of overt headline flow as JGB futures extend higher, last dealing +34, with cash 7s moving to become the firmest point on the curve on the day as the major cash benchmarks sit 1bp cheaper to 2.5bp richer. This points to a futures-driven bid even after the uptick in the offer/cover ratio that we flagged in BoJ Rinban operations covering the 5- to 10-Year zone of the curve.

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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