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(M2) RBA Presses Prices Further

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JGBS
JGBS: JGB futures briefly breached Tuesday's low in early dealing, before edging
higher.
- The shorter end of the curve drew modest support ahead of the latest round of
BOJ Rinban operations, which covered the 1-10 Year buckets. The offer to cover
ratios of the operations can be found below:
- 1-3 Year 3.64 (prev. 2.90), 3-5 Year 2.21 (prev. 2.18), 5-10 Year 2.73 (prev.
2.28).
- Elsewhere 20-Year paper experienced some modest underperformance ahead of
tomorrow's JGB auction covering the sector, before cash yields finished the
morning session largely unchanged.
- Broader yields then edged lower in the afternoon session as the Nikkei 225
moved back from best levels, as the underperformance of Chinese equities
tempered risk appetite.
- Participants now look to the BOJ's Rinban operations (Friday), addresses from
BOJ Gov. Kuroda (Thursday & Friday) & Dep. Gov. Amamiya (Saturday), as well as
20-Year JGB supply (Thursday).
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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