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Long End A Touch Softer

JGBS

The Tokyo morning saw some weakness in the longer end of the curve, which was perhaps linked to growing speculation surrounding a snap election and linked fresh fiscal support package, with local press reports pointing to such developments perhaps playing out in September. Futures stuck to the confines of the overnight session's range, hitting the break -6 vs. settlement. The latest round of BoJ Rinban operations revealed the following offer/cover ratios:

  • 1- to 3-Year: 3.24x (prev. 4.09x)
  • 3- to 5-Year: 2.18x (prev. 2.93x)
  • 5- to 10-Year: 2.63x (prev. 2.26x)
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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