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Softer As 7s Underperform

JGBS

JGB futures extended on their overnight weakness, with the contract -17 come the break, as 7s represented the weak point on the cash curve. Longer dated swap spreads were wider.

  • Little to add to the earlier flagged news flow outside of Japanese Economy Minister Nishimura pointing to no rush re: the consideration of a formal basic income scheme.
  • BoJ Rinban ops saw the size of 1-10 Year JGB purchases remain unchanged. The breakdown saw a softer offer/cover and narrower spread in the 1-3 Year ops, while the 3-10 Year ops saw a marginal uptick in cover and wider spreads.
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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