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JGBS: Japanese 10 year bond futures have extended their gains above Friday's
highs, last dealing 12 ticks up on the day at 152.27. The lack of constructive
comments from President Xi's speech regarding trade and a number of digs at the
US administration ('no golden principles or arrogant teachers for reform')
disappointed risk assets which had gone into the speech on a solid footing.
- 10year cash yields sit at 2.9bps, down 1bp as the 2.0bp support level comes
into focus but is holding for now. The ongoing decline in breakevens is keeping
upside pressure on real yields, with the 10-year linker closing in on key
resistance at the -30bps level. 
- The Japanese Ministry of Finance (MOF) sold Y807.8bn of 20-Year JGBs today
with an average yield of 0.543% and a Bid/Cover of 3.443x.
- - The BoJ is set to release its MonPol decision Thursday, while trade balance
data is due Wednesday and inflation figures are due Friday. Ahead of this the US
Fed's meeting tomorrow is likely to be a key driver, while oil prices will also
be closely watched.

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