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Surging As BoJ Holds YCC Steady

JGBS

JGB futures now sit over 150 ticks higher on the day after a vol. break delayed the open of afternoon trade. Cash JGBs run flat to 12.5bp richer, with 7s outperforming on the bid in futures and the super-long end still lagging (albeit reversing this morning’s cheapening). The swap curve flattens, with 10+-Year swap spreads tightening, while swap spreads out to 7s widen. Textbook YCC hold playbook in action here. Note that the BoJ came in with a round of standard 5- to 10-Year fixed rate operations to start afternoon trade.

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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