Another weak day in JGB's, 10-Year yield.......>

JGBS: Another weak day in JGB's, 10-Year yield once again touching 0.085%.

20-Year auction result was within expectation, sector was supported moderately

post results but buying was limited. Future and 6-Year were well sold as hedge

while 30-& 40-Year were well bid, curve bear flattened a bit from 7-Year

onwards. In terms of flows, MNI sources note some switch trades from 30-Year

into 20-Year from fund managers, and buying in 20-Year from both domestic and

overseas accounts, also witnessed dip buying in 10-Year at 0.085%.

- JGB's open higher today, CPI was slightly on the weak side, core-core (BoJ's

favoured measure) was 0.3% (est. 0.4%). BoJ minutes also firmly dovish, and

comments from Kuroda at Davos also illustrated that and consideration of exit is

still some way off.