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The JGB curve has continued the steepening.....>

JGBS
JGBS: The JGB curve has continued the steepening seen on Thursday & Friday of
last week, JGB futures last trade are 150.62, up 4 ticks, after printing session
lows of 150.43, with cash yields well back from session highs with hedging
demand anticipated as we head towards the Golden week holiday.
- Last week's soft 20-Year JGB auction & the steepening of the US yield curve
have pressured longer dated JGBs with eyes on the BoJ's MonPol decision & May
JGB buying plan, both due on Friday.
- The latest round of BoJ Rinban operations, covering the 1-5 Year buckets, saw
a steady nominal amount of purchases, with the offer to cover ratios broadly
unchanged.
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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