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Holding Lower, No Extension Yet


JGB futures have lacked any real follow through during Tokyo trade, with the contract, making a very brief and limited show below the overnight lows shortly after the re-open, before reverting back within the overnight range, hitting the break 15 ticks below Friday's settlement levels.

  • Cash JGBs little changed, running as much as ~0.5bp cheaper across the curve, 10s printing at ~0.115%, with eyes on the March '20 vol high at 0.125%. Swaps run wider across most of the curve.
  • Local news flow remains light, with the BoJ leaving the purchase sizes of its 10-25+ Year Rinban ops unchanged, with offer to cover ratios as follows:
  • 10-25 Year: 4.66x (prev. 4.08x)
  • 25+ Year: 5.22x (prev. 4.85x)
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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