A couple of desks are flagging rumours of.......>

BOJ: A couple of desks are flagging rumours of potential cuts to the size of the

BoJ's 10-25 Year Rinban operations today, but this is unlikely in our view.

- Kuroda's recent round of rhetoric re: 20- & 30-Year yields, coupled with the

dynamics in core global FI over the last few sessions has promoted some

steepening of the JGB curve, with 10-Year yields now back above -.20%, just.

- Focus should fall on next week's BoJ decision with whispers re: the potential

of further easing doing the rounds in recent weeks. Our own understanding is

that the BoJ certainly hopes that it can refrain from policy easing next week,

as there is a belief it needs to keep its powder dry in case there is a greater

slowdown in the economy in Q4 as domestic demand slows down after the October 1

sales tax hike.