FxWirePro: Daily Commodity Tracker - 21st March, 2022 
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The Japanese government bonds traded mixed Wednesday, succumbing to thin trading activity during a relatively quiet session that saw little data of much significance. Moreover, super-long bonds fell on lack of BoJ debt buying.
The yield on the benchmark 10-year bonds, which moves inversely to its price, hovered around -0.063 percent mark, the yield on long-term 40-year note jumped 4 basis points to 0.572 percent and the yield on short-term 2-year bonds remained steady at -0.272 percent by 06:30 GMT.
The Japanese bonds have been closely following developments in oil markets because of their impact on inflation expectations, which are well below the Bank of Japan's target. Crude oil prices bounced above $50 a barrel after a report that U.S. fuel inventories may have fallen for a fifth straight week. The International benchmark Brent futures rose 0.86 percent to $51.31 and West Texas Intermediate (WTI) also jumped 0.99 percent to $49.17 at 06:00 GMT.
Moreover, Bank of Japan Governor Haruhiko Kuroda said that the bank still has a lot of room left to ease policy. On the other hand, Bank of Japan ex-board member Nobuyuki Nakahara to aide Japanese PM Abe said that the BoJ's yield curve control and negative rates are mistakes. He added that the central bank Governor Kuroda has ruined his chance of a second term.
In term of recent economic data, Japan Nikkei Services PMI fell to 48.2, registered the fastest pace of decline in over 2 years (since April of 2014), from prior 49.6. Also, composite PMI dipped to 48.9, from previous 49.8.
According to Reuters, the results of today's JGB buying operations, which the BoJ published around noon, were slightly weaker than widely expected in the 5-year to 10-year zone in terms of the accepted yields and the offer-to-cover ratio (2.90x vs 2369x last time for 410 billion yen).
Meanwhile, the benchmark Nikkei 225 closed up 0.5 percent at 16,819.24 and the broader Topix index closed 0.57 percent higher to 1,347.81 points.
