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Off Lows, Still Cheaper Than Friday's Close

JGBS

JGB futures unwound some of the weakness that was seen during the final overnight session of last week, finishing the morning -7, stabilising around best levels of the session with U.S. Tsys working off of their own intraday highs as e-minis rebounded (much of the early session vol. surrounded the situation re: retail traders in the U.S.).

  • Cash JGBs saw yields finish the morning session little changed, although there was some bias for ever so modest cheapening given the moves seen in U.S. Tsys on Friday. Meanwhile, longer dated (30- & 40-Year) swap spreads continued the widening that was seen on Friday.
  • Local news flow has been limited, with the Sankei recently suggesting that Japan will extend its regional COVID states of emergency to March 7.
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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