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Futures Push On, State Of Emergency Dominates

JGBS

Tokyo participants were seemingly happy to buy futures from the open on the back of expectations surrounding the extension of the COVID states of emergency (most notably in Tokyo and Okinawa), which Japanese Economy Minister Nishimura has effectively confirmed in recent comments. The contract last prints 21 ticks higher on the day with bulls now eying the 38.2% retracement of the move from the Mar '20 high to the Mar '20 low/August 5 high (152.53/55). 5s lead the rally in cash trade, richening by ~2.5bp, while the wings of the curve trade ~0.5bp firmer.

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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