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Pullback Considered Corrective

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JGBS
JGBS: JGB futures reached the highest levels seen since May late in the Tokyo
afternoon, with the cash curve running flatter on the day. There was no sign of
concession in the longer end of the curve ahead of 20-Year JGB supply tomorrow.
Yields across the curve were 0.6 to 2.3bp flatter according to TradeWeb.
- The space drew support from caution surrounding global trade developments at
the weekend, with the usual protagonists, the U.S. & China, at the centre of
matters.
- JGBs ignored the steady uptick in the Nikkei 225.
- BoJ Gov Kuroda focused on financial stability in an address made earlier
today.
- The BoJ left the size of its 1-5 Year Rinban operations unchanged, the offer
to cover ratios can be seen below:
- 1-3 Year: 2.89 (prev. 2.97)
- 3-5 Year: 2.27 (prev. 2.78)
- Focus now turns to the aforementioned 20-Year JGB supply tomorrow.
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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