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Tight After Overnight Dip

JGBS

A narrow morning session for futures, with the contract operating a touch off worst levels, -14 at the lunch bell, with cash JGBs trading as much as 1.2bp cheaper across the curve at the break.

  • Today's BoJ Rinban operations saw the Bank leaves the size of its 1-5 Year JGB purchases unchanged, with the following offer/cover ratios:
  • 1-3 Year: 2.55x (prev. 1.80x)
  • 3-5 Year: 2.82x (prev. 2.11x)
  • Elsewhere, we heard from BoJ's Amamiya, but he didn't add to the policy debate as he went over old ground.
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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