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Fed Minutes Fallout Continues To Support


USD Nudges Lower


NZGBS: Twisting Flatter Into The Weekend

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JGBS: JGB futures finished the morning session 7 ticks lower at 150.95, as the
BoJ reduced the size of its purchases in the 25 Year+ bucket in its Rinban
operations. The sizes of the purchases in the other buckets were left unchanged.
- The latest move from the BoJ could suggest that the yield curve is too flat
for its liking. As a reminder back in January the BoJ reduced the size of its
10-25+ Year buckets, but stepped up the purchases of the 3-5 Year sector later
in the month in an attempt to steepen the curve. Focus will now fall on the
BoJ's March bond buying plan, due for release this evening.
- Daiwa were not surprised by the move after super-long yields had softened
heading in to the FY end in Mar.
- Some investment houses pushed their expectations for BoJ normalisation further
in to the future this week, with NBC financial noting that only foreign
speculators are viewing these BoJ moves as a catalyst for policy normalisation.
- The move was relatively limited, with month end extensions set to support the
space. As a reminder Morgan Stanley est. the 1-year+ JGB index will extend by
0.2 years in February vs average of 0.02-0.06 years. 
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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