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JGB futures hit the lunch bell 1 tick below settlement levels. The contract showed lower at the re-open on the broader impulse witnessed in U.S. Tsys overnight (JGB futures once again experienced a relative degree of resilience in overnight trade), before edging away from worst levels. Elsewhere, cash JGBs were within -/+0.5bp boundaries when compared to yesterday’s closing levels.

  • Local news flow has been limited in the grander scheme of things, with comments from Cabinet Secretary Matsuno and BoJ Deputy Governor Amamiya pointing to continued caution re: the omicron COVID strain, with a lack of notable, fresh information evident re: their respective policy areas.
  • BoJ Rinban operations saw the following offer/cover ratios:
  • 1- to 3-Year: 3.60x (prev. 3.36x)
  • 5- to 10-Year: 1.62x (prev. 2.80x)