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Pullback From Overnight Highs

JGBS

JGB futures sagged during the Tokyo morning, after the pullback from overnight highs (which were just below technical resistance) continued, before the defensive feel in the Nikkei 225 and e-minis crept in, allowing JGB futures to bottom, at least for now.

  • Contract last +7, with the super-long end outperforming in cash, while 10s represent the weakest point on the curve.
  • In terms of local news flow, Japan's cabinet has decided to tap emergency budget reserves worth Y549bn, as the government looks to support supply chains & farmers, in addition to creating provisions for job subsidies.
  • Monthly trade data and 12-month supply headline locally on Monday.
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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