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Kuroda Provides A Bid

JGBS

JGB futures well bid in early afternoon trade after BoJ Governor Kuroda expressed no desire for a widening of the permitted 10-Year JGB yield trading band during the lunchbreak, pushing back against some of the speculation surrounding the ongoing BoJ monetary policy review. The contract last trades +26 on the day, fully reversing the overnight losses and more. The 7-10 Year sector outperforms, as you would expect given the driver of the move, while the long end of the curve now sits ~1.0bp firmer on the day, after unwinding the 2.0+bp cheapening seen in the morning.

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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