A quick dive into the details of the..........>

BONDS: A quick dive into the details of the Japanese current account data for

the month of July reveals that purchases of Italian BTPs moderated (to Y22.1bn)

during the month after June's bumper purchases (Y278.8bn, the largest amount

seen since at least 2005).

- Elsewhere, Japanese investors lodged their largest round of monthly Tsy

purchases since July 2016 (Y2.4721tn) building on the purchases seen in June

(Y939.9bn).

- Japanese investors also lodged a second, albeit modest, consecutive month of

Australian sovereign bond purchases, after shedding Aussie paper for 7

consecutive months up until May of this year.

- Purchases of French OATs were healthy, for a second consecutive month, taking

the total purchases over June and July to Y1.0799tn after Japanese investors

shed a cumulative Y2.524tn worth of French paper over April & May.