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Quiet trade for JGB's yesterday saw futures....>

JGBS
JGBS: Quiet trade for JGB's yesterday saw futures finsh Tokyo broadly flat after
a whipsaw move at the open. Yields were mixed but some bull steepening was seen
in the long end. Barclays note that JSDA data yesterday shoed overall JGB
volumes dropped to the lowest level since May in October.
- UST's finished lower led by the belly of the curve, quiet trading in a
truncated Thanksgiving Week for the US. The curve flattened, 5-/30-Year spread
narrowed almost 3bp to close at 69bp.
- JGB's open at 150.97 in Tokyo, Nikkei 225 last up 202 points.
- JGB Opening Call Barclays: "Today could see sellers initially take a slight
upper hand around the superlong end on a recovery in risk sentiment after the
overnight switch to the sell side in USTs. However, we expect a smooth liquidity
enhancement auction for 5-15.5y issues, with the market subsequently holding
firm overall ahead of Wednesday's BoJ buying operations."

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