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Little Changed Come The Bell

JGBS

JGBs were unchanged to higher for the bulk of Tokyo trade, although pulled back into the close, with futures closing -1. Best levels of the day came on the back of spillover from the RBA decision and in the wake of a 10-Year JGB auction which was a little firmer than exp./prev. (tail narrower than prev. auction and low price topping dealer exp. at the margin), but was still relatively soft in the grand scheme of things (below long run average cover ratio). Cash JGBs were a touch firmer across most of the curve, with swap spreads generally a little wider on the day.• Elsewhere, we learnt that 10 of the areas that are under a state of emergency re: COVID will see those measures extended through to March 7. Japanese PM Suga will speak on the matter later today.• 1-5 Year Rinban operations from the BoJ headline locally on Wednesday, with 30-Year JGB supply due on Thursday.

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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