It would seem that the soft cover ratio observed at the latest round of 40-Year JGB supply has promoted an extension of the early steepening momentum seen on the JGB curve, with some delayed reaction to comments from Finance Minister Suzuki re: a desire to move away from short-term financing potentially factoring in as well. Cash JGBs run little changed to ~5bp cheaper across the curve. JGB futures now sit the best part of 50 ticks lower on the day, operating a little above session lows.
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