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JGBS: The JGB curve bear-steepened on Friday, tracking the bear steepening that
was seen in US Tsys on Thursday, aided by Thursday's soft 20-Year JGB auction.
- The latest batch of BoJ Rinban operations, covering the 5-25+ Year buckets,
did little to support the space, even as the sizes of the operations were
unchanged and the breakdown was smooth enough.
- The space will pay attention to today's 1-5 Year Rinban operations, while
broader focus this week will fall on Tuesday's 2-Year auction, the BoJ decision
on Friday & the BoJ's announcement of its JGB buying operation plans for May,
also on Friday.
- Barclays suggest that "today could see sellers initially take the upper hand
in a carryover of the bear-steepening in US Tsys at the end of last week. We
expect the market to remain vulnerable to headlines around US trade and
geopolitical risk, but believe some of the upward pressure on yields could be
contained by brisk investor demand ahead of the Golden Week holidays."