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JGB's opened slightly lower in Tokyo,..........>
JGBS: JGB's opened slightly lower in Tokyo, 10-Year future last down 1 tick at
150.47. JGB's rose yesterday after dropping sharply since Tuesday when the BoJ
cut purchase ops. The Bank kept 1-10 Year ops unchanged. The results of the ops,
however, illustrated that the market is clinging on to the tapering theory,
cover ratios rose in all maturities. Yields were lower across the curve seeing
some twist steepening, pulling back from multi-month highs. Long end swaps
cheapened and LCH/JSCC basis swaps narrowed after the BoJ ops. Barclays on
JGB's: "Today could see the 40y auction (JU10) clear smoothly after USTs were
bought in the long end overnight, with buying pressure strengthening somewhat
around the superlong end in the afternoon. We expect solid results at the
auction assuming yields near current levels. Yields at 1% should spur some
demand from lifers and other real money accounts. That said, there appears to be
some lingering concern about BoJ buying operations in the superlong end after
Monday's reduction and supply and demand in the sector could tend to slacken
with a 30y auction to follow next week and a 20y auction coming the week after
that. In this context, any move to chase prices higher could be limited."
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