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Indonesia Makes About-Turn On CPO Ban

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JGBS
JGBS: JGB futures briefly breached Tuesday's low in early dealing Wednesday,
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 size of the
Rinban purchases were left unch. & 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).
- 20-Year paper experienced some modest underperformance ahead of today'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 into the JGB close.
- 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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