Bulls initially looked to build on the.........>

JGBS: Bulls initially looked to build on the overnight session gains in futures.

That was before a modest recovery in broader risk appetite saw the contract back

from highs, although the contract still went into the lunch break 3 ticks above

Tokyo settlement levels. The cash curve was subjected to some twist steepening.

- On the local news front TBS noted the Tokyo Metropolitan Gov't plans to

outline a new set of indicators to use in its COVID-19 monitoring scheme. The

announcement is set to come on Tuesday. This comes as new cases in the capital

hold above the key 50 level previously identified by the local government. Chief

Cabinet Secretary Suga has already noted that there isn't a need for COVID-19

related movement restrictions at present.

- Local retail sales data came in on the weaker side.

- The BoJ left the size of its 5-25 Year Rinban ops at unchanged levels. 5-10

ops saw an uptick in the offer/cover, back to more normal levels, as spreads

widened. 10-25 Year ops saw an uptick in the cover ratio but tighter spreads.

- On the supply side Indonesia announced a multi tranche round of samurai

issuance covering 3-, 5-, 7-, 10- & 20-Year JPY paper.