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No reaction in futures or cash 10s as the latest 10-Year JGB auction provides a mediocre result. The tail widened a touch from the previous round of 10-Year supply but was still relatively narrow. Elsewhere, the cover ratio ticked lower but remained just above the 6-auction average (3.271x). The low price witnessed at the auction provided a marginal miss vs. broader expectations (100.87 per the BBG dealer poll). We highlighted some outright valuation headwinds ahead of supply, although some of the relative value that we touched on may have helped the auction pass without any real problems.