A quiet session to start the week yesterday....>

JGBS: A quiet session to start the week yesterday saw JGB's add marginally to

losses sustained overnight during Tokyo hours. JGB futures dropped to session

lows in the early part of trade and stayed in a narrow range for the rest of the

session, subdued by positive PPI data and lack of catalysts in the rest of the

session. US tsys flattened during the session, pressured by heavy corporate

issuance in thin trade.

- JGB Opening Call Barclays: "With little movement in the US and Europe

overnight, today could see the JGB market correct around the short/medium-term

sectors ahead of the 5y auction (JS133), but retrace somewhat afterward on

decent auction results. We expect the auction to clear smoothly assuming yields

near current levels (WI close on 13 November: -0.105%). Yields of around -0.10%

should spur a certain level of demand amid expectations that current monetary

policy will remain intact for longer. In the absence of any major events

globally this week and given that the BoJ will still conduct two more buying

operations for 1-5y issues (with a diminished risk of reductions in size) after

today's auction, we believe demand for BoJ trades can be expected."