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Matsuno Pushback Lends Support

JGBS

The previously covered pushback from Japanese Chief Cabinet Secretary Matsuno re: the need for an adjustment to the BoJ-government policy accord (and to a lesser extent, subdued offer/cover ratios in 1- to 25-Year BoJ Rinban ops) has allowed JGBs to move back from session cheaps in the early rounds of the Tokyo afternoon session. That leaves futures -6, while the major cash benchmarks are little changed to 3.5bp cheaper, with bear steepening remaining intact. Swap rates are also off their extremes, with swap spreads still wider across most of the major metrics.

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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