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JGBS: Futures reached the highest levels seen since May in the Tokyo afternoon
on Monday, with the cash curve running flatter on the day. There was no sign of
concession in the longer end of the curve ahead of today's 20-Year JGB supply.
- The space drew support from caution surrounding global trade developments,
with the usual protagonists, the U.S. & China, at the centre of matters.
- JGBs ignored the steady uptick in the Nikkei 225.
- BoJ Gov Kuroda focused on financial stability in an address Monday.
- The BoJ left the size of its 1-5 Year Rinban operations unchanged, the offer
to cover ratios were as follows: 1-3 Year: 2.89 (prev. 2.97), 3-5 Year: 2.27
- Futures continued to tick higher overnight, registering fresh cycle highs.
- Worth noting that on Monday RTRS sources involved in the planning said that
"Japan's Ministry of Finance is considering issuing fewer government bonds with
maturities of up to 20 years in the fiscal year from April 2019. Cutting the
issuance of 20-year bonds, which are the only maturity for which no reduction is
planned this year, will likely become a priority."