Free Trial

Fixed Rate Purchase Offer


Off Session Cheaps

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Post-Auction Rally


JGB futures rebound on the back of solid 20-Year JGB supply, after this morning’s concession-driven cheapening & steepening provided enough enticement for buyers to dip their toe into the water. Futures are back into positive territory after lodging fresh cycle lows during the Tokyo morning.

  • As a reminder, the smooth auction came against a backdrop of multi-year steeps on the curve, as well as appeal on the 10-/20-/30-Year JGB fly, in the wake of the recent buyers’ hiatus when it comes to super-long paper. The cash JGB curve is steeper on the day, but the long end is back from the previously outlined cycle cheaps flagged earlier, with the 1.00% yield level in 30s holding firm, for now. Benchmark JGBs across the curve sit little changed to ~2bp cheaper on the day at typing.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

To read the full story

Why Subscribe to


MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.