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The JPY led the way vs. USD in EU/US FX........>

                                            JGBS: The JPY led the way vs. USD in EU/US FX trade, with 10-Year Tsy yields
                                            capped at 2.95% for the time being, as the Tsy curve ran higher, with the belly
                                            - Barclays suggest that "today could see the JGB curve continue to bull-flatten
                                            amid JPY appreciation after USTs drew buybacks overnight. The BoJ is scheduled
                                            to hold buying operations for 1-5y and 10y+ issues today. Although the superlong
                                            end has recently flattened somewhat conspicuously, we believe the BoJ will
                                            refrain from reducing the size of its operations on strong concern about JPY
                                            - Japanese CPI provided a modest beat across all 3 readings, so shouldn't act as
                                            too much of a catalyst for the upcoming session.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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