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Limited Uptick In Cover At Off Schedule JGB Buying

BOJ

Today’s off schedule BoJ bond purchases saw a slight uptick in offer/cover ratios when compared to the previous respective rounds of scheduled purchases, with the 5- to 10-Year buying generating an offer/cover of 3.27x (prev. 2.42x), while the 10- to 25-Year operations generated a cover of 3.57x (prev. 2.79x). Note that the 5- to 10-Year operations saw ~Y150bn of purchases vs. the previous ~Y550bn, while the 10- to 25-Year operations saw ~Y100bn of purchases vs. the previous Y125bn, so the cover ratios don’t represent a particularly strong uptick in desire to sell paper to the BoJ.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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