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Super-Long End Bid Smells Of Life Insurers

JGBS

A super-long end-led bid points to domestic life insurers driving the early Tokyo rally in JGBs, steeping in to aggressively buy the zone, given via their pre-announced focus on the zone outlined in the latest batch of semi-annual investment plans during the latter half of ’21. This leaves cash JGB benchmarks trading little changed to ~3bp richer across the curve, with 20+-Year paper clearly outperforming. JGB futures have bounced alongside the move, last -4 on the day.

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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