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Steepening Continues


Tokyo morning trade represented a continuation of the recent steepening theme, with benchmark JGBs running 0.5-6.0bp cheaper. The continued hiatus of demand in the long end facilitated a further extension in the steepening moves we have flagged recently, with some setup for this afternoon’s 20-Year JGB also in the mix. 30-Year JGBs are threatening to break above 1.00% in yield terms, while 10s are within 0.5bp of the 23bp mark (with the latter the trigger when it came to the latest bout of BoJ intervention). Futures unwound their overnight bid, registering a fresh cycle low in the process, hitting the bell -9.

MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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