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JGBS: JGB futures coiled in the Tokyo morning, with the latest uptick failing
ahead of Monday's high. Futures then softened in the afternoon, last -7,
threatening a break below Monday's low. This came about on the back of some
pressure on the long end of the curve, in the wake of a soft 40-Year auction,
with a lack of concession, the recent richening & the line's exemption from BoJ
Rinban ops, as well as some potential background worry re: the BoJ's desire for
a steeper curve, limiting demand at auction. Longer dated swaps seemingly
continue to see receiving interest from abroad, with the 30-Year LCH/JSCC spread
tightening (marginally) again, printing at levels not seen since Nov.
- Japan's gov't nominated Seiji Adachi, chief economist at Marusan Securities,
as a successor to BOJ board member Harada, Diet officials confirmed to MNI.
Pending parliamentary approval, Adachi will replace Harada, whose 5-year term
ends Mar. 25. The ruling coalition has a majority in both chambers of the Diet,
so confirmation should be a formality, in a like for like reflationist swap.
- The summary of opinions from the BOJ's most recent MonPol decision & BoJ
Rinban ops covering 1-10 Year paper headline Wednesday.