Foreigners Flattening The Curve?

JGB futures +6 vs. settlement, in what has been a tepid Tokyo session.
The long end of the curve outperforms in cash trade, with some
suggestions/signs that foreign investors may be putting money to work in
the zone in the wake of smoothly absorbed supply (with 40s escaping the
fiscal burden seen across the rest of the curve), as Europeans &. U.S.
participants look to exploit yield pick-ups offered by FX-hedging.

• BoJ Rinban ops saw the offer/cover ratio of the ops covering the 1-3
  Year paper moderate (to 3.00x from 4.31x), with the same metric
  covering the 3-5 Year bucket witnessing an uptick (to 3.38x from
  2.91x). Spreads witnessed at the ops narrowed across both buckets.
• The Mainichi has reported that the Japanese government will offer
  new guidelines to local governments and businesses for responses
  against COVID-19, categorising the severity of the situation into 3
  areas.