The modest, early bid in JGB futures faded a little as we moved into the Tokyo lunch break, with futures -15 at the lunch bell. This may have been influenced by the super-long end of the cash JGB curve pulling back from firmest levels of the day in setup for this afternoon’s 20-Year JGB supply. Note that the major cash benchmarks run ~0.5bp cheaper to ~1.0bp richer, twist flattening, with 20+-Year paper still a touch richer on the day. Local headline flow remains light.
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