JGB futures oscillated within the range established during eely Tokyo dealing and were seemingly a little more hesitant to go bid when compared to their global FI counterparts (liquidity/market function/BoJ recalibration worry, or perhaps a combination of the 3, remaining evident), even as some of the major Asia-Pac tech equity indices faltered. That leaves the contract -15 at the lunch bell, while the major cash JGB benchmarks sit little changed to 2bp cheaper as the curve comes under some light steepening pressure. There hasn’t been anything in the way of meaningful domestic headline flow to drive the space, with participants awaiting this afternoon’s 2-Year JGB supply.
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