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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessJGB Futures Narrow, Belly Outperformance Unwound In Wake Of Soggy Auction
The latest 5-Year JGB auction was on the softer side, with the issues highlighted in our auction preview (namely a lack of pre-auction concession, little in the way of relative value and more desirable carry & roll propositions further out the curve) likely weighing on demand. The yield tail was steady and relatively narrow, although the cover ratio cratered back towards the levels seen at March's 5-Year auction. Elsewhere, the low and average prices that prevailed at auction missed broader dealer expectations for the low price (just). Futures are back from best levels but still in a contained range, last unch. on the day, while the belly has moved away from richest levels, unwinding its early outperformance vs. longer dated paper.
- BoJ Governor Kuroda offered little new in his latest address.
- Elsewhere, local reports suggested that Okinawa prefecture will request to be added to the area covered by the state of emergency, while Japan's Chief Cabinet Secretary Kato noted that the government will handle adding state of emergency areas "flexibly" based on the situation at the time.
- BoJ Rinban operations covering 1- to 3-, 5- to 10- & 25+-Year JGBs headline locally on Thursday, with the monthly Japanese trade balance reading and core machine orders data also due.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.