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JGBS: JGBs started Thursday's session on the back foot, following on from a
heavy Wednesday for U.S. Tsys which spilled into Asia-Pac trade, promoted by
stronger than exp. U.S. data & hawkish rhetoric from Fed Chair Powell, adding
further weight to global as FI as U.S. 10-Year Tsy yields breached 3.2%.
- The JGB curve continued to steepen in the wake of the latest 15.5-39 Year
liquidity enhancement auction, which saw the tail widen, average spread jump &
cover ratio ease. The auction result perhaps points to some trepidation ahead of
today's longer dated BOJ Rinban ops after the BOJ trimmed the upper & lower
limits of the size of its long end purchases in its Oct JGB buying plan.
- 10-Year yields are > levels that triggered vol smoothing operations from the
BOJ in recent times, although the higher JGB yields remain within the BOJ's
acceptable range & focus remains on how - and how rapidly -- 10-Year yields
moves toward +0.2% or higher, MNI understands. The BOJ still stands ready to
curb higher yields through bond buying ops if the rise is deemed too rapid.
- Additional sources pieces were released later Thursday with RTRS noting that
the "BOJ tolerates yield rise, may trim super-long bond buying further."