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JGBS: JGBs looked through the latest monthly data dump and release of the
summary of opinions from the BoJ's June meeting, with JGB futures +12 ticks at
writing and the curve bull flattening in the wake of the moves seen in Tsys in
NY hours. The space was also aided by a negative session for the Nikkei 225.
- Flattening occurred even as the summary of opinions from the latest BoJ MonPol
decision revealed that one member believed that the Bank was close to the
"reversal rate," whereby low rates have a negative impact on the economy.
- The BoJ left the size of its 5-25+ Year Rinban operations unchanged; offer to
cover ratios as follows: 5-10 Year 2.19x (prev. 2.21x), 10-25 Year 2.53x (prev.
3.64x), 25+ Year 4.54x (prev. 4.62x).
- Moderation in the offer to cover ratios in the two shorter dated buckets may
have provided some further support to futures in the afternoon.
- The BoJ will announce its July Rinban plan after hours.