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BLOCK, 10Y Midcurve Ratio Call Spd

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JGBS: The JGB 10-Year opened Tokyo at 150.23 and since rallied to 150.49, up 26
ticks. The ascent was triggered by a large block trade in TYZ7. Sources noted
the block took everything bid and the jump in Tsy's/JGB's may also have been
attributed to USD/JPY 'falling off a cliff' from 112.9 to 112.5 on the open, the
source said he was sure there was some Japanese real money buying going on. The
lift was bolstered by reports on potential Fed Chair contenders, Yellen not
being a major contender and Kevin Warsh said to be front runner, CNBC say he is
seen as someone who could oversee a dramatic revamp of the institution. The JGB
10-Year then again caught a bid post BOJ purchasing announcements, 1-3, 3-5 and
5-10 Years purchased, at the same rate as previous and showing mild offers.
- Yields dropped on BOJ's buying operations, the 10-Year yield is currently down
1.7bp and the super long end is seeing most demand, 40-Year down 2bp.

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