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JGB futures have given back early gains that...>

JGBS: JGB futures have given back early gains that saw the 10-year hit 150.08,
to trade at 150.02, keeping the focus on last week's low at 149.95. A break
below this level is needed to extend the selloff towards the Aug 3 crash lows. 
- 10-year yields have recovered all of Friday's losses, gaining 0.3bps to trade
at daily highs of 0.158%. Last Thursday's high at 0.165% looks set to come under
pressure as the bullish trend is gaining momentum. 
- The 2s-10s curve is down 0.1bps at 26.10bp, but remains close to its highest
level since April 2017, helped by the recent steepening in the US curve. 
- The US-Japan 10-year spread has come in from fresh cycle highs of 309.2bps to
trade at 308.1bps, despite the rise in JGB yields being much sharper in
volatility-adjusted terms. 

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