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Narrow Trade, 30-Year Demand Nudges Lower

JGBS

The Tokyo morning saw JGB futures unwind their overnight losses, before a downtick in the cover ratio at the latest round of 30-Year JGB supply seemed to apply some light pressure during early afternoon trade. The contract settled -2, a touch off the overnight/late Tokyo lows, although cash JGBS were marginally mixed, with some light outperformance in the long end.

  • BoJ board member Suzuki largely went over old ground and flagged the desire for a gradual steepening of the JGB yield curve.
  • Local data provided little to go off for the space.
  • 5-25 Year BoJ Rinban ops headline locally on Friday.
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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