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JGB futures hover just off worst levels, -4....>

JGBS
JGBS: JGB futures hover just off worst levels, -4 ticks ahead of the close, with
little in the way of any real local news flow/domestic drivers to note.
- 7s underperformed on the curve, with some outperformance at the front end,
which allowed the curve to twist steepen. BoJ Rinban ops saw the size of 1-3 &
25+ Year purchases left unchanged with the former seeing a lower offer/cover and
tighter spreads, while the latter saw a jump in the offer/cover ratio and wider
spreads, adding further flow/impetus to the aforementioned curve dynamic.
- On the political front it is worth noting that PM Abe's approval ratings
continue to languish, with the government reportedly wanting to bring the latest
supplementary budget before parliament as soon as next week.
- Local data saw corporate CapEx provide a surprising uptick in Q1.
- 10-Year supply headlines tomorrow's local docket.
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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