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Tokyo Returns

JGBS

Tokyo participants return from Tuesday’s holiday and will have to assess the moves observed in wider markets during the interim. In short, fears surrounding a systemic meltdown in the wider global banking sphere have moderated in the time since Monday’s Tokyo close.

  • JGB futures pulled back from the post-Tokyo high that was witnessed in the pre-holiday overnight session after the aforementioned moderation in worry surrounding the Credit Suisse situation, while various source reports pointing to background discussions re: shoring up the U.S. regional bank sector have also helped to assuage worry.
  • Local headline flow has seen Chief Cabinet Secretary Matsuno outline more than Y2tn of spending (from reserves) as the government looks to battle the impact of the well-documented inflationary impulse (expect much of the focus to fall on energy subsidies).
  • The local docket is virtually empty today, with only final machine tool orders data due. That will leave digestion of the gyrations in wider global markets at the fore.
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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