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Free AccessLight Steepening Holds, Tsy Moves Eyed After Restart
The previously alluded to steepening pressure that we flagged midway through the Tokyo morning has extended a little, with the major cash JGB benchmarks running flat to ~2bp cheaper at the lunch bell, while JGB futures continue to operate around overnight closing levels after recovering the early Tokyo downtick (-13 at the lunch bell).
- Local headline flow has been light, with reaction to Fed Chair Powell’s hawkish warnings and some payside flow in swaps weighing on the super-long end of the curve. This could extend further in the Tokyo afternoon given the weakness seen in Tsys during the Tokyo break.
- Note that the presence of BoJ Rinban operations covering 1- to 25-Year paper may have shielded JGBS out to 10s to some degree. The recently released details of the operations revealed shallow to average cover ratios (1.4-2.4x), which could result in some fresh support for the zones covered, although that will be weighed up against the aforementioned extension cheaper in U.S. Tsys.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.