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Subdued Trading

JGBS

In Tokyo morning trade, JGB futures are holding around Friday’s post-Tokyo dealing levels, -1 compared to settlement levels.

  • Machinery orders, excluding shipbuilding and utilities, rose 2.7% in December from November, seasonally adjusted.
  • With the domestic calendar light today and cash US tsys closed for the Presidents Day holiday, local market dealings have been subdued and directionless.
  • Cash JGBs are dealing slightly mixed. The benchmark 10-year yield is 0.2bp lower at 0.733% versus the February low of 0.665% and the Nov-Dec rally low of 0.555%.
  • Swaps and swap spreads are virtually unchanged.

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