The weakness observed in broader core global FI markets at the start of the week has applied modest pressure to JGB futures. Still, futures have stuck to a relatively narrow range since the Tokyo re-open, showing through overnight session lows, but bears have struggled to force a meaningful foray lower, with the contract last off worst levels, dealing -14 on the day. Cash JGBs run 1bp richer to 1bp cheaper on the day, with 2s the only point on the wider curve to trade richer as the curve twist steepens. Wider market gyrations have dominated lower tier domestic news flow thus far.
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