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Volatile Start But Support Ahead Of 146.00 Stays Intact

JGBS

It has been a volatile start for JGBs, albeit staying within this week's ranges. JBH4 last tracked at 146.14, -.05. At the open we tested lower, but couldn't get beyond 146.06, before rebounding sharply to 146.27.

  • There doesn't appear to have been a macro catalyst for these moves. As we noted early support ahead of 146.00 may be evident given we have bounced from close to this level over the past week.
  • In the cash JGB space, yields are drifting higher, but only modestly so far. Gains in the 20-30yr tenors sit close to 2bps. The 10yr is marginally higher in yield terms, last above 0.73%. 10yr swap rates are just above 0.90%.
  • Note that BoJ Governor Ueda appears before parliament at 11:45am local time. Earlier preliminary PMI for Feb showed manufacturing underperforming but services resilient.
  • On the debt front we have 3 month bill sales today, along with the enhanced liquidity auction 5-15.5yr.
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