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JGB futures sit just off their lows ahead of...>

JGBS
JGBS: JGB futures sit just off their lows ahead of the bell, last -5 on the day.
The front end of the curve outperformed, with twist steepening apparent on the
day as local equity markets unwound their early, modest losses.
- Local economic activity data was weak, while Tokyo CPI provided an upside
surprise as the latest labour market report met exp.
- We also heard from Finance Minister Aso, who ruled out tax hikes to help
offset any budget gap.
- Elsewhere, Tokyo Governor Koike confirmed the next rollback of business
restrictions in the city, set to go into action on Monday.
- Finally, the BoJ left the size of its 3-25 Year Rinban ops unchanged, with the
offer/cover ratios unchanged to a little higher vs. prev. ops (most notable move
came via an uptick for the 10-25 Year bucket's metric), with spreads little
changed to a touch tighter.
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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