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SMEs Can Defer Maturing Loans Until Mid-2023


(Z2) Improves Off Lower Level

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JGBS: The curve steepened yesterday, as shorter dated paper outperformed and the
super-long end met sellers ahead of FOMC Chair Powell's semiannual testimony to
congress alongside the Nikkei 225 printing gains of over 1.0%.
- In US dealing the Tsy space softened following Powell's upbeat comments on the
US economy with the belly underperforming.
- Today, markets need to digest Japanese industrial production & retail sales
data, as well as BoJ Rinban operations in the 1-5 Year & 10-25+ Year buckets and
the BoJ announcing its bond buying schedule for March.
- Barclays suggest that "given the overnight selloff in USTs on the back of rate
hike expectations, today could see sellers take the upper hand in the JGB
market, although any downside in the super-long end should be limited given the
favourable supply & demand driven linked to the big month-end extension. The BoJ
is scheduled to hold buying operations for 1-5y & 10y+ issues. We expect the
offer sizes to be unchanged. Given persistent concerns about JPY appreciation,
we also expect the BoJ to retain the sizes of its operations across all sectors
when it releases its plans for March this evening."
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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