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JGB futures were hit on the back of the move...>

JGBS
JGBS: JGB futures were hit on the back of the move lower in Tsys in early Asia
hours Wednesday, but technical support held firm and was respected on a closing
basis, while the Nikkei 225 struggled. The space then rebounded after the BoJ
left the size of its 1-5 Year Rinban operations unchanged, before edging lower
again.
- Offer to cover ratios for the Bank's latest round of Rinban operations: 1-3
Year 3.93x (prev. 2.75x), 3-5 Year 5.09x (prev. 2.41x), JGBis 6.29x (prev.
4.68x).
- The elevated offer to cover ratios did little to help the space during the
afternoon session, with the earlier steepening flows back in fashion after the
lunch break.
- Futures drifted lower again overnight, tracking Tsys and having a look below
the Tokyo lows, but lacking follow through.
- Local interest comes in the form of retail sales and an address from BoJ
Deputy Governor Wakatabe later today.
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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