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JGBS: The JGB curve runs flatter at writing.
- This is despite the cover ratio in the latest 20-Year auction tumbling to the
lowest level of '19 thus far after the metric witnessed a record high in last
month's auction (yields were some 15bp or so higher at the previous auction).
The tail of the auction widened, but the low price met exp. as proxied by the
BBG dealer poll. There was little reaction to the auction, as the space drew
support from broader risk-negative matters.
- JGB futures trade 10 ticks higher on the day at writing.
- The minutes from the BoJ's meeting were virtually ignored by the market.
Remember this was the meeting which saw the BoJ tweak its forward guidance and
the meeting has been superceded by last week's meeting.
- Focus tomorrow moves to 1-5 Year Rinban operations from the BoJ.