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Free AccessFutures Off Lows, BoJ Continues Repo Ops
A light bid in U.S. Tsys (which has faded) and weakness in the Nikkei 225 supported JGB futures after the early sell off. This means that the early Tokyo low continues to represent the session extreme, with the contract hitting the lunch bell -16.
- Cash 10-Year JGB yields have moved above 0.10%, printing at the highest level since early November in the process (0.121% provides the next point of technical resistance on that front). The major cash JGB benchmarks are flat to 1bp cheaper at typing, with the 7- to 10-Year zone leading the weakness.
- The BoJ continues to administer JGB repo operations as it looks to manage cash and collateral levels in the system.
- Note that U.S. Tsys have cheapened a little during the Tokyo lunchbreak, which may apply modest pressure to JGBs at the re-open.
- The latest round of BoJ Rinban operations drew the following offer/cover ratios:
- 1- to 3-Year: 2.41x (prev. 3.01x)
- 3- to 5-Year: 3.28x (prev. 2.10x)
- 10- to 25-Year: 3.19x (prev. 3.277x)
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.