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Super-long JGB paper has underperformed,.......>

JGBS
JGBS: Super-long JGB paper has underperformed, potentially representing a degree
of concession ahead of tomorrow's 30-Year JGB supply, while 1-10 Year paper was
supported by the latest round of the BOJ's Rinban ops, as the BOJ held the
purchase amounts steady following last week's adjustments.
- A strong Japanese GDP release may have added additional weight to the longer
end of the curve.
- Elsewhere weekend reports pointed to BOJ Gov. Kuroda highlighting the Bank's
stable MonPol outlook, while Japanese PM Abe & Chief Cabinet Sec. Suga
reiterated their pledge to employ Abenomics, although Abe conceded that the
upcoming leadership vote will be the final one that he contests.
- Looking at the breakdown of the BOJ's latest round of Rinban ops the offer to
cover ratios were as follows: 
- 1-3 Year 3.26 (prev. 2.91), 3-5 Year 3.78 (prev. 2.85), 5-10 Year 3.17 (prev.
3.13).
- Longer dated swap rates have eased again today.
- Rinban operations, alongside 5- & 30-Year supply headline this week.
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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