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JGBS: JGB futures last trade 12 ticks softer at 150.55, after a brief foray
higher in early dealing was met by sellers, with additional selling apparent in
the afternoon session. Futures eased following reports from Kyodo re: comments
from a ruling LDP party off'l, who suggested that dissolving the lower house is
one option available to the party in light of the recent political scandal &
fall in PM Abe's approval rating. This would bring the longevity of Abenomics
into question. The initial sell off also coincided with US Tsys moving lower, as
the US 10-Year yield breached 3.00%.
- The BoJ left the size of its Rinban operations covering the 5-25+ Year buckets
unchanged in today's round of operations. Looking at the breakdown, the 5-10
Year bucket's offer to cover ratio was largely stable as the yield spread
moderated. The 10-25 Year bucket's offer to cover ratio eased, as the yield
spread moderated. The 10-25 Year bucket's offer to cover ratio edged up as the
yield spread moved into negative territory.
- There was little in the way of headlines during the afternoon session.
- The belly of the cash space has underperformed.