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Futures Marginally Lower Overnight, Expectations For Swifter BoJ Tightening Amplify


The direction of travel for U.S. Tsys applied a modest downside bias to JGB futures in overnight trade, leaving the contract -4 at the close of post-Tokyo dealing, after it oscillated either side of unchanged. Tokyo reaction to cross-market dynamics will set the tone early on Friday.

  • BoJ speculation continues to dominate after the recent Bank leadership nominations from the government, with the latest BBG survey seeing 70% of the respondents looking for a tightening move by the end of July (up from the 54% in last month’s survey).
  • 3-month bill supply is the only point of any note on a very limited pre-weekend local docket.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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