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JGBs were not immune to the broader pressure seen in core FI markets during the Tokyo morning, although the sell off was more limited vs. what was seen elsewhere. Nonetheless, futures extended on their overnight losses, as they hit the bell -21 ticks vs. settlement levels, just off worst levels of the day. The long end of the cash curve underperformed, with swap spread widening evident there, suggesting paying in the long end of the swap curve aided the weakness. Elsewhere, 7s were soft, with the move in that area of the curve likely driven by futures.
- 10-25+ Year BoJ Rinban operations saw the purchase sizes left unchanged, with the 10-25 Year ops seeing a moderation in the offer/cover ratio, and a notable widening of spreads, while 25-Year ops saw a marginal uptick in offer/cover and another notable widening in spreads (ahead of next week's 30-Year JGB auction).
- Focus falls on an address from PM Abe, scheduled for later today.