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Monday provided a limited session for JGB......>

JGBS
JGBS: Monday provided a limited session for JGB futures, which were underpinned
by a weaker Nikkei 225 and lower USD/JPY, with worries re: another U.S.
government shutdown and the Japanese data scandal weighing on risk in the main.
- The cash curve observed some modest twist flattening.
- A positive day for Chinese stocks & the yuan seemingly limited broader
risk-off flows, but this faded in the Chinese afternoon.
- BoJ left the size of its 1-5 & 10-25+ Year Rinban ops unchanged. Offer to
cover ratios as follows:
- 1-3 Year 3.49 (prev. 2.35), 3-5 Year 2.53 (prev. 2.23), 10-25 Year 2.02 (prev.
2.61), 25+ Year 2.75 (prev. 3.68)
- Worth noting the BoJ released its Dec meeting minutes Monday, with 1 member
saying that there is room for revising JGB buying.
- 40-Year JGB supply headlines the local docket today.
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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