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JGB futures continue to hover around best......>

JGBS
JGBS: JGB futures continue to hover around best levels after grinding higher for
most of the session, last 1 tick higher on the day. The contract started the day
near Friday's overnight lows, initially drawing support from the latest round of
risk-off flows stemming from the BBG headline re: U.S.-China trade talk impasse.
- The aforementioned BBG story saw the Nikkei 225 move back from best levels,
with the index giving up the bulk of its early gains, as JPY sits atop the G10
FX leader board. In line Chinese GDP data then limited the risk-off flows, with
the Nikkei 225 moving back from worst levels into the lunch break.
- Japanese markets traded in a sideways fashion during the afternoon.
- Yields trade marginally lower in the main.
- The BoJ left the size of its 1-5 & 10-25+ Year Rinban ops unchanged today.
Offer to cover ratios as follows: 1-3 Year 2.35 (prev. 2.29), 3-5 Year 2.23
(prev. 3.01), 10-25 Year 2.61 (prev. 2.43), 25+ Year 3.68 (prev. 2.77).
- Focus falls on Wednesday's BoJ MonPol decision, with the Bank expected to
leave its MonPol settings unchanged, and mark down its CPI outlook. Elsewhere,
the usual Rinban operations & 20-Year JGB supply will garner interest
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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