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JGBs edged lower on Thursday as Asian...>

JGB SUMMARY
JGB SUMMARY: JGBs edged lower on Thursday as Asian equities recovered, while
participants await Friday's BoJ decision & subsequent press conference from Gov.
Kuroda.
- Futures last traded at 150.97, down 6 ticks. - The 3, 10 & 30 Year sectors
were the weakest on the curve today
- The latest liquidity enhancement auction for JGBs with 1-5 Years until
maturity was well received, as the cover ratio ticked higher, despite the offer
to cover ratio of bonds with the same maturity horizons ticking up in
yesterday's Rinban ops.
- The latest batch of Japanese weekly international security flows data showed
that Japanese investors sold a hefty Y1.1885tln in foreign bonds. This adds
credence to numerous desks' view that Japanese investors are not receiving any
benefit from investing in US Tsys once they have hedged their FX exposure (owing
to a spike in JPY hedging costs). It also points to repatriation heading in to
FY end.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MarketsFixed Income Bullets

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