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JGBS: JGB futures have tagged fresh highs, with defensive posturing broadening
into European hours, the cash curve has twist steepened. Contract +15 last.
- The BoJ left the size of its 1-3, 5-10 & 25+ Year Rinban ops unchanged, with
the 1-3 & 5-10 Year ops seeing steady offer/cover ratios and tighter spreads,
while the 25+ Year ops saw a dip in the cover ratio and tighter spreads.
- Elsewhere, focus continues to fall on the nudge higher in the COVID-19 case
count in Tokyo, which officials attribute to an uptick in testing.
- RTRS sources noted that "Japan is likely to revise its economic assessment up
slightly at its monthly report for July." Elsewhere, the Yomiuri ran a report
noting that the BoJ is expected to maintain its view that the Japanese economy
will improve in H220, when it convenes next week. An MNI Insight piece noted
that "the BoJ believes its own front-loaded buying & attractive investment rates
for life and pension funds will prevent a sharp rise in JGB yields over coming
months, even as issuance increases."
- On the supply front the Nikkei has suggested that the Development Bank of
Japan will issue Y10bn worth of 50-Year paper this month.