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Futures Rally During Tokyo Morning

JGBS

JGB futures entered the lunch break at best levels of the session, +20, incrementally adding to the early pop higher (which had no overt driver). Once again, today’s move appeared to be futures-driven, with benchmark JGBs little changed to ~2.0bp richer across the curve, as the belly outperformed. 10-Year JGB yields have extended the pullback from the highest levels witnessed since ’21 in the process.

  • Note that BoP data confirmed that Japanese paper experienced the largest annual inflow on record during ’21, likely aided by yield harvesting via x-ccy basis-facilitated pickups.
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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