Friday’s weakness in U.S. Tsys seeped through unto JGBs this morning, with JGB futures opening lower and moving in a downward direction for the bulk of the Tokyo morning, sitting 27 ticks below Thursday’s settlement levels ahead of the lunch break. Meanwhile, cash JGBs sit 1bp richer to 2bp cheaper across the curve. 10s provide the firmest point on the JGB curve (aided by the presence of the BoJ’s fixed rate operations), while 7s and 30+-Year paper provide the weakest points, the former on the weakness in futures and the latter on the relative lack of BoJ control in that area of the curve. Domestic headline flow has been light, with wider affairs driving price action.
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