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JGB SUMMARY
JGB SUMMARY: JGB futures traded 9 ticks lower at 150.93 after the BoJ trimmed
its purchases in the super-long end (25+ Years to maturity) in its latest Rinban
operations.
- The long end actually held up well in the cash space. 
- The move was likely restricted by notable FY flows/month end extension
requirements in Japan, with many suggesting that the tweak doesn't change the
bigger picture for the BoJ, as they believe that the trimming of the Rinban is
supposed to facilitate a steeper curve, citing the January "stealth taper" as an
indication of what we could see in the short term i.e. the BoJ upping purchases
of shorter dated paper after it cut longer dated purchases.
- Focus will fall now on this evening's release of the BoJ's March bond buying
plan.
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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