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Light Steepening Into 20-Year Supply


The presence of this afternoon’s 20-Year JGB supply applied some light pressure to the longer end of the JGB curve during the Tokyo morning, with cash JGBs running 1bp richer to 2bp cheaper. Futures hit the lunch bell at unchanged levels, given up their early uptick.

  • Comments from Japanese PM Kishida re: BoJ independence provided nothing in the way of fresh information.
  • Meanwhile, BoJ Governor Kuroda stressed that JPY weakness is becoming a factor re: inflation (this comes after various reports, including one from our own policy team, flagged an incoming upside adjustment to the BoJ’s inflation projection for the current FY).
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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