Futures finished the Tokyo session -29 ticks...>

JGBS: Futures finished the Tokyo session -29 ticks lower, but well back from

both the overnight & Tokyo session lows with trade war matters dominating flows.

- The curve was steeper on the day after early underperformance in the belly.

Worth noting that FinMin Aso stated that 50-Year JGB issuance is a topic for

consideration, but that doesn't mean that 50-Year paper will be issued right

away.

- Elsewhere, we learnt that there will be a Japanese stimulus package to combat

overseas risk, with details not yet finalised.

- Local releases saw a stronger than expected round of cash earnings data, which

will be welcomed at the BoJ, and a stronger than expected round of household

spending data, which adds to noise surrounding a boost in activity ahead of the

sales tax hike.

- 10-Year JGBi supply saw the cover ratio ease vs. prior auction & low price

match exp.