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Late Session Selling

JGBS
JGBS: JGB futures had a look below Tuesday's low in early trade today, but a
negative start for the Nikkei 225 (-0.7% at the break) lent support, resulting
in the contract trading 4 ticks higher at the lunch break.
- Little reaction in the space to a strong 5-Year JGB auction, that had no tail,
and exhibited a much firmer cover ratio than the previous auction. Demand was
likely driven by attractive relative value proposition vs. 7-Year paper.
- Space then drew support from 3-Month Euro-Yen TIBOR fixing 4.4bp lower at a
new record low of 0.0300%, driving futures to intraday highs, with yields out to
7-Years dragged lower. Futures last 7 ticks higher on the day.
- BBG source reports have suggested that the BoJ will cut its inflation outlook
at next week's MonPol decision, in line with broader expectations and various
other source reports in recent times.
- Focus Thursday turns to an address from BoJ's Kuroda & Amamiya, as well as
5-10 Year Rinban ops. 
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com