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JGB futures have stuck to a tight range this...>

JGBS
JGBS: JGB futures have stuck to a tight range this morning, with the cash curve
sitting a touch steeper on the day, in spite of the BOJ leaving the size of its
10-25+ Year Rinban operations unchanged.
- Looking at the breakdown of the operations and their offer to cover ratios:
- 10-25 Year: 3.47 (prev. 3.72)
- 25+ Year: 3.69 (prev. 2.60)
- Elsewhere BOJ's Suzuki offered little new, highlighting the need to monitor
the cumulative effects of ultra-loose MonPol, while stressing that progress
towards the Bank's inflation goal remains intact. Suzuki also said that the BOJ
board's decision in July to allow a wider trading range for the benchmark
long-term interest rate was not aimed at pushing up the levels of borrowing
costs.
- Focus remains on tomorrow's 2-Year JGB supply.
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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