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Proximity To Japanese FY End Limiting 2-Year Auction Demand?

JGBS

The low price at the latest 2-Year JGB auction comes in below broader dealer expectations (100.260 per the BBG dealer poll), with the cover ratio sliding and tail widening. Looks like the proximity to the JAapnese FY end may mean that Japanese investors chose to keep at least some of their powder dry, which could stem from the allure of the yield of some foreign core global bonds in FX-hedged terms.

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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