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Won Stronger, PPI Rises Again


Speculation Re: Sydney COVID Cases

JGBS: JGB futures still trade lower on the day as we approach the close, after
the contract traded softer at the open, in sympathy with Tsy price action from
Wednesday, last operating off of session lows, sticking to a tight range.
- The summary of opinions from the BoJ's latest MonPol decision revealed no
notable surprises.
- The Nikkei 225 has added ~1.9%, which will have applied additional pressure.
- The curve last sits a touch steeper, with an uptick in the cover ratio at the
latest 1-5 Year JGB liquidity enhancement auction adding some support to the
shorter end of the curve in the afternoon session, while longer dated yields
moved off of session highs.
- Focus now moves to the 1-5 & 10-25+ Year BoJ Rinban operations due tomorrow.
MNI London Bureau | +44 0203-865-3809 |