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The Japanese MOF will today sell Y900bn of 30-Year JGB's re-opening JB#67. The MOF last sold 30-Year debt on August 18, the auction drew cover of 3.445x at an average yield of 0.617%, average price of 99.57, high yield of 0.625%, low price of 99.35, with 26.1213% of bids allotted at the high yield.
- While some eye seasonal flows as a potential source of outright support in the coming weeks, most remain wary of the supply pressure evident in the longer end of the curve, with a lack of relative BoJ Rinban support also evident.
- Still, there is a bias towards steepening within the sell side which may see the traditional positioning headwinds limit any such move, absent of fresh fundamental drivers. The 5-/30-Year yield spread hovers around the middle of the range witnessed since the start of July.
- Some may look for ASW entry given the current levels.
- Last month's auction was weak, and the short turnaround in between auctions may provide a further headwind for the space.
- Results due at 0435BST/1235JST.