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JGBs traded on the back foot in early..........>

JGBS
JGBS: JGBs traded on the back foot in early Thursday afternoon dealing, with the
Nikkei 225 moving to fresh session highs, and JGB futures breaching the
overnight low. This came on the back of the latest 5-Year auction, which saw the
tail widen, although the coverage ratio held steadyish (albeit at the lowest
level since the May 2017 5-Year auction), with the low price marginally softer
than the BBG dealer poll estimate.
- That was before the space saw a bounce later in the day, with futures
registering a fresh session high as a result, while there was little in the way
of catalysts apparent.
- Yields finished mixed on the day, with modest twist steepening apparent.
- Focus turns to the BoJ Tankan survey & BoJ Rinban ops for 5-25+ Year paper due
today.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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