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Little Changed

JGBS

Futures nudged lower during the Tokyo morning given the impetus from Tuesday's U.S. Tsy trade, hitting the bell 2 ticks below yesterday's settlement levels, while the major cash JGB benchmarks sit within the +/-0.5bp boundaries vs. yesterday's closing levels.

  • The latest round of BoJ Rinban operations saw the following offer/cover ratios:
  • 1- to 3-Year: 3.22x (prev. 2.45x)
  • 5- to 10-Year: 2.66x (prev. 2.59x)
  • 25+-Year: 2.85x (prev. 3.18x)
  • As you can see, there were some mixed variations re: the movement in the cover ratios, but nothing in the way of sizeable swings.
  • BoJ board member Nakamura didn't bring anything new to the table in his latest address.
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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