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JGB futures hit the lowest level seen since....>

JGBS
JGBS: JGB futures hit the lowest level seen since August 08, closing near worst
levels at the end of the morning session, on the back of the latest adjustment
to the BOJ's Rinban operations (trimming Y10bn from the 25+ Year purchases) with
the cash curve steepening as a result, as 40-Year yields moved above 1.00%, and
long end swap rates follow suit.
- The move came as a surprise to participants.
- The offer to cover ratios of the latest round of operations can be found
below.
- 1-3 Year 2.69 (prev. 3.10), 3-5 Year 2.43 (prev. 3.92), 10-25 Year 3.16 (prev.
3.23), 25+ Year 4.40 (prev. 4.08).
- As a reminder, Japan will observe a market holiday on Monday.
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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