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Cycle Highs In Sight For USD/JPY


Outlook Remains Bearish

JGBS: Tuesday provided a quiet session for the space, with JGB futures sticking
to a tight range. The Nikkei 225 added ~1.1%, which likely applied some modest
pressure to JGBs.
- The long end of the curve was subjected to some slight underperformance.
- Market seemed quiet ahead of the U.S. Midterms.
- There was no notable reaction in 10-Year Japanese BEIs in the wake of the
latest 10-Year JGBis auction, which saw the cover ratio tick higher when
compared to the most recent auction.
- Focus today turns to earnings data and an address from BoJ's Funo.
MNI London Bureau | +44 0203-865-3809 |