10-year JGB futures are 13 ticks off...........>

JGBS: 10-year JGB futures are 13 ticks off Friday's closing levels, last dealing

at 12.07 as the space comes under some pressure from a slight uptick in risk

appetite in early Asian trading. The RTRS sources story out over the weekend

noting that Japan plans to trim its JGBs issuance during the next financial year

in an attempt to curb public borrowing is also likely weighing. 

- 10-year cash yields are trading slightly lower despite the drop in futures,

last dealing 0.2bps lower at 3.3bps, while real yields are 0.5bps lower at

-32.3bps, having failed to break to the upside last week despite a test of the

-30bps level. 

- The curve has seen some flattening with the 2s-10s spread down 0.7bps at

16.6bps, while the JP-US spreads trades flat at 285.8bps. 

- Tokyo condo sales mark today's only data point, while trade data will be out

tomorrow and CPI data will be out later this week.