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Free AccessJGBS: Futures Off Session Bests
JGB futures are off best levels at the lunch break, sitting at +4, after backing away from early session bests (drivers for the Tokyo morning uptick were flagged earlier).
- There wasn't much in the way of domestic drivers to flag, outside of the previously outlined JiJi sources piece re: BoJ inflation projections.
- BoJ Governor Ueda went over old ground re: BoJ JGB purchases, playing down desires to finance government spending.
- Meanwhile, BoJ Deputy Governor Uchida said that central banks can always secure profits by issuing sovereign currencies but noted that it was important to pay attention to sovereign fiscal health.
- The JGB cash 2/10 curve has twist flattened with the 2-year 0.2bp cheaper and 10-year 0.4bp richer. The benchmark 10-year yield is at 0.481%, just below the BoJ's YCC limit of 0.50%.
- Swap spreads are marginally tighter across most of the curve.
- Early afternoon focus turns to the liquidity enhancement auction for off-the-the-run 5- to 15.5-year JGBs.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.