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JGBS: Futures went out just shy of best levels, +26 ticks, with the belly of the
curve playing catch up in afternoon trade after the twist flattening seen in the
morning gave way to outperformance in the belly (post-Rinban details). Caution
re: coronavirus supported, while the latest round of commentary from senior
gov't ministers did little for price action. BoJ Gov. Kuroda's most recent round
of comments saw him tip his hat to the potential for the BoJ adopting a shorter
yield target than the current 10-Year, but somewhere down the line in terms of
time horizon & lacked any real specifics. He also reiterated the Bank's ability
to act to fight the effects of the coronavirus if needed.
- CPI data was in line with exp. flash PMIs were soft across the board.
- The BoJ left the size of its 1-10 Year JGB purchases unchanged in today's
Rinban operations, with spreads tightening and offer/cover ratios moderating.
Breakdown of ops were as follows:
- 1-3 Year: Cover 4.05x (prev. 4.27x), Average Spread -0.006 (prev. 0.003)
- 3-5 Year: Cover 3.02x (prev. 3.27x), Average Spread -0.008 (prev. 0.006)
- 5-10 Year: Cover 2.33x (prev. 3.52x), Average Spread -0.0014 (prev. 0.010)