Smooth enough digestion of the latest 2-Year JGB auction with clearing yields just below positive territory this time around, while the tail holds tight as the low price tops dealer exp. (which stood at 100.01, per the BBG dealer survey), although the cover ratio held steady, comfortably below the 6-auction average (4.11x), with the uncertainty re: the future of BoJ policy probably capping demand. 2s richen by ~1bp post-auction.

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Smooth Enough Passage Of 2-Year Supply, Cover Capped By Uncertainty Re: BoJ