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PREVIEW: 2-Year Supply Due

JGBS AUCTION

The Japanese MOF will today sell Y3.0tn of 2-Year JGB's opening JB#421. The MOF last sold 2-Year debt on December 24, the auction drew cover of 4.180x at an average yield of -0.129%, average price of 100.458, high yield of -0.127%, low price of 100.455, with 65.4173% of bids allotted at the high yield.

  • The strength of today's auction will likely come down to the broader assessment surrounding the longevity of the BoJ's active Rinban purchases in this particular area of the curve, given the ongoing monetary policy assessment that is underway at the Bank.
  • Results due at 0335GMT/1235JST.
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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