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, sitting at unchanged levels as we work towards the close. 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

Year 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. The uptick in cover kept a lid on the space in the afternoon.

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

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