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Long Dated Rinban Offer/Cover Ratio Jumps

JGBS

JGBs were subjected to a narrow morning session, with futures hitting the lunchbreak +5, while yields were little changed in the cash space.

  • The breakdown of the latest round of BoJ Rinban ops, released in the lunch hour, saw the following offer to cover ratios:
  • 1-3 Year: 2.01x (prev. 1.97x)
  • 5-10 Year: 1.97x (prev. 2.35x)
  • 25+ Year: 6.19x (prev. 4.48x)
  • The long end's reaction to the jump in the 25+ Year cover ratio will be eyed this afternoon.
  • Elsewhere, Chief Cabinet Secretary Kato reaffirmed the notion that fiscal support will be forthcoming, if required, while Finance Minister Aso highlighted mixed consumption patterns.
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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