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JGBS: JGB futures went into the lunch break 4 ticks softer at 150.63, pretty
much mid-range, after a brief foray higher in early dealing was met by sellers.
- Futures eased following reports from Kyodo re: comments from a ruling LDP
party off'l, who suggested that dissolving the lower house is 1 option available
to the party in light of the recent political scandal & fall in PM Abe's
approval rating. This would bring the longevity of Abenomics into question.
- Outside of this, the sell off coincided with US Tsys moving lower, as the US
10-Year yield breached 3.00%, although the move was brief, with JGBs retracing
alongside US Tsys.
- The BoJ left the size of its Rinban operations covering the 5-25+ Year buckets
unchanged in today's round of operations. Looking at the breakdown, the 5-10
Year bucket's offer to cover ratio was largely stable as the yield spread
moderated. The 10-25 Year bucket's offer to cover ratio eased, as the yield
spread moderated. The 10-25 Year bucket's offer to cover ratio edged up as the
yield spread moved into negative territory.
- The belly of the cash space has underperformed on the session thus far.