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The long end of the JGB curve continued to.....>

JGBS
JGBS: The long end of the JGB curve continued to add pressure to the space as
markets returned from the long holiday weekend. Participants appeared sensitive
to the BOJ's Friday adjustment to its 25+ Year Rinban operations, with
tomorrow's 40-Year JGB supply promoting additional concession. 40-Year JGB
yields rose by 2.7bp today (according to TradeWeb).
- The BOJ left the size of its Rinban operations unchanged today, with the offer
to cover ratios available below:
- 5-10 Year: 1.96 (prev. 2.50)
- JGBis: 5.89 (prev. 5.02)
- JGB futures flirted with Friday's session low (150.00), but failed to generate
a sustained break below the figure. Any such break would open up a move to the
August 03 low (149.95), with bears looking to the recent cycle low (149.75).
- BOJ Governor Kuroda offered little fresh insight into the Japanese
economy/monetary policy in a speech he made late in the day.
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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