Another quiet one for JGB's today, thin........>

JGBS: Another quiet one for JGB's today, thin summer volumes and a steady hand

at the tiller from the BoJ all sapping volatility. 

- The BoJ yesterday kept all purchases sizes and frequencies unchanged, this

helped calm markets and JGB futures opened the session unchanged at 150.15. The

whole session saw a 5 tick range with a brief blip to session highs of 150.17

quickly fading to session lows after the results of the auction.

- The 10-Year auction was slightly weaker than previous, the auction stopped at

0.073% with a tail of 0.01, the low price of 100.25 was higher than the 100.24

expected. Cover slipped to 4.212 from 4.77 last time, but the July auction saw

the highest cover in 12-Years.

- Yields barely reacting throughout the session, the curve steepens slightly as

the 10-Year sector onwards sold off ahead of the 10-Year linker sale this week

and 30-Year sale next week. 10-Year yield last up 0.3bp at 0.083%

- After jumping to 0.075% from 0.056% yesterday, 3-Month Euroyen Tibor fixes

unchanged today at 0.075%. Sources noting that the rise is being attributed to a

jump in offshore money rates.