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Futures stuck to a tight range on Wednesday....>

JGBS
JGBS: Futures stuck to a tight range on Wednesday morning, with some twist
steepening apparent on the curve.
- The BoJ left the size of its 1-10 Year Rinban operations unchanged, offer to
cover ratios as follows.
- 1-3 Year 3.88x (prev. 2.75x), 3-5 Year 4.19x (prev. 2.92x), 5-10 Year 3.19x
(prev. 2.50x).
- The uptick in the offer to cover ratios may have applied some weight to the
space in the afternoon, as futures ticked lower and the short end of the cash
space unwound its earlier outperformance. Futures continued to tick lower,
alongside Tsys, overnight.
- BoJ's Kuroda & Kataoka offered little in the way of fresh views on the MonPol
backdrop when they spoke on Wednesday, with Kataoka's dissent re: the Bank's
MonPol methods remaining.
- 2-Year supply, retail sales and industrial production will draw participants'
interest today.
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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