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JGB futures stuck to a 4-tick range this.......>

JGBS: JGB futures stuck to a 4-tick range this morning, with eyes on the 30-Year
JGB auction slated for today. Cash dealing has lacked any firm direction, with
super-long paper holding steady in front of the aforementioned supply, with most
looking for decent demand.
- BOJ's Masai took to the wires and stressed that he believes that it is
appropriate that the Bank maintains its large scale easing, although its impact
on financial institutions must be measured. Masai is also of the belief that the
momentum towards higher inflation is being maintained.
- Elsewhere the latest batch of weekly int'l security flow data showed that
foreign purchases of Japanese bonds hit the highest level since early March,
after heavy selling in the prev. week. Domestic lifer demand is already exp. in
the longer end, owing to a perception that the political uncertainty in Europe
will act as a deterrent for lifers in EZ bonds.
- JGB bears need a close below 150.89 in futures to signal a false break higher
and return focus to 150.71-80.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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