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Moves Away From Best Levels Hold

JGBS

The tick away from best levels for JGBs held into the Tokyo lunch break, which left futures +7, while the major cash JGB benchmarks sit 1.5bp richer to 1bp cheaper, with 40s now softer on the day and 10s still outperforming. While there hasn’t been much in the way of meaningful market movement since our previous update, we flag subdued to average offer/cover ratios in the recently released details of today’s BoJ Rinban operations, while Berkshire Hathaway has mandated banks for JPY issuance, with the deal reportedly set to follow in “the near future,” as Warren Buffett’s company returns to the JPY debt market.

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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