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Futures Tick Lower, Cash Tight

JGBS

Cash JGBs were little changed across the curve during Tokyo morning trade, sitting within -/+0.5bp boundaries vs. Friday’s closing levels come the lunch break. Meanwhile, JGB futures nudged lower during the Tokyo morning as domestic equities firmed on the wider global impetus, with the former unwinding its modest overnight gains to hit the bell 2 ticks below Friday’s settlement levels.

  • Comments from Japanese PM Kishida & BoJ Governor Kuroda failed to unveil any fresh, market-moving information.
  • Offer to cover ratios for today’s Rinban operations were as follows:
  • 3- to 5-Year: 2.28x (prev. 2.45x)
  • 5- to 10-Year: 2.67x (prev. 1.95x)
  • 25+-Year: 4.38x (prev. 5.00x)
  • We wouldn’t expect there to be much in the way meaningful impact for JGBs on the back of these cover ratios.
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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