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Reporting on key macro data at the time of release.
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JGBS: JGB futures followed the broader ebb and flow of risk appetite, hovering
around unchanged levels into the close. Outperformance was seen in the shorter
end/belly of the cash curve allowing some twist steepening, perhaps the start of
some long end concession being built ahead of Thursday's 20-Year JGB supply. On
the corporate side Swedbank mandated for 3- &/or 5-Year senior preferred JPY
paper. The swap curve has bull flattened.
- The lunchbreak drew comments from Finance Minister Aso, who noted that the
government isn't considering changing its goal re: a balanced budget at present,
as he also stressed a need to maintain Japan's sovereign credit rating, noting
that Japan's track record has supported market trust in recent times, limiting
any losses for the JPY and JGBs that may have came about on the back of an
increased JGB issuance burden.
- Finally, LDP tax panel chief Amari told RTRS that Japan is expected to compile
a stimulus package to boost the economy in the autumn. Amari also noted that "it
was not out of the question that Abe could call a snap election this fall before
his term as the premier ends next September."