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Marginally Firmer, 2-Year Supply Not Particularly Firm

JGBS

JGB futures nudged higher, after holding above 152.00, although there was little in the way of significant headline flow to trade off.

  • Futures last +2, with the cash space a touch richer, with swaps generally lagging JGBs.
  • The latest Tokyo CPI readings were a touch firmer than expected across the board.
  • The summary of opinions from the most recent BoJ monetary policy decision offered up little of note.
  • The latest round of 2-Year supply wasn't the most convincing on the cover ratio front (lowest bid/cover witnessed at a 2-Year auction since September 2019). The tail was a touch wider than the previous auction, albeit very marginally, while the low price was a shade higher than expected (the BBG dealer poll looked for a low price of 100.475).
  • Retail sales and industrial production data headline locally on Wednesday, with 3-5 Year BoJ Rinban ops also due.
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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