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The latest round of 5-Year JGB supply wasn't the firmest, at least on the pricing side, with the average price printing in line with broader expectations for the low price (per the BBG dealer poll). The cover ratio was a touch firmer than prev., while the price tail saw an incremental widening. The soft pricing of the auction and uptick in the domestic equity indices (TOPIX last +~3.0%) applied some pressure to futures, which pushed below their overnight/morning lows before regaining some composure, last -15 on the day.
- 5-Year JGB yields haven't shown much of a reaction to the auction, with some modest underperformance in the belly of the curve seen on the day (5- to 10-Year paper is ~0.5bp cheaper on the day).
- There were no other notable catalysts evident during Tokyo trade.
- Flash PMI data and the latest round of BoJ Rinban ops headline locally on Wednesday.