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Rinban Operations May Pressure JGBS In Afternoon Trade

JGBS

This morning’s BoJ Rinban operations saw positive spreads beyond the <1-year bucket and mostly higher offer cover ratios (<1-year: 1.44x, 1-3-year: 3.17x, 3-5-year: 1.58x, 5-10-year: 2.69x and 10-25-year: 3.88x), which may generate some slight pressure in early rounds of the Tokyo afternoon session.

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