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JGBS: The super-long end of the curve benefitted from the BOJ leaving the size
of its Rinban operations unchanged today, after the tweaks it made to its longer
dated purchases last Friday, which has allowed the curve to flatten. The offer
to cover of the operations can be found below:
- 1-3 Year 2.71 (prev. 2.69), 3-5 Year 2.41 (prev. 2.43), 10-25 Year 2.67 (prev.
3.16), 25+ Year 3.41 (prev. 4.40).
- Futures have stuck to a narrow range after moving higher with Tsys & drawing
support from super-long paper after the contract failed to break below 150.00
yesterday. Resistance isn't noted until the down trendline (at ~150.32).
- The move higher came in spite of reports made late Wednesday noting that the
GPIF will adjust its JGB purchase plan, allowing for more flexibility in JGB
allocation during 2019 (reverting after that).
- Elsewhere, participants highlighted the ~30bp widening in USD/JPY 3-Month
basis, which now covers year-end, a period typically associated with USD demand.
- Focus turns to BOJ Gov Kuroda later today, followed by the BOJ's Oct JGB
purchase plan & summary of opinions from its latest MonPol decision due Friday.