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JGB futures last +5, after recovering from.....>

JGBS
JGBS: JGB futures last +5, after recovering from session lows. Outperformance
evident in the short-end/belly of the curve, aided by the dynamics in the latest
round of BoJ Rinban ops. The cash curve twist steepened, with the swap curve
twist flattening.
- The BoJ left the size of its 1-5 Year Rinban ops as was. The 1-3 Year bucket
saw little movement in spreads as the offer/cover ratio nudged higher, while the
3-5 Year ops saw a tightening in spreads vs. prev. ops, as the offer/cover
nudged lower.
- BoJ Governor Kuroda and board member Adachi offered little new in their
respective comments.
- Tokyo CPI met exp. across the board.
- Corporate issuance saw Swedbank price up a cumulative Y21bn worth of 3- &
5-Year paper.
- Retail sales data & 5-25 Year BoJ Rinban ops headline the local docket 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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