Futures have operated in a tight range and.....>

JGBS: Futures have operated in a tight range and went into the lunch break at

150.97 (-2 ticks) as the cash curve traded in a mixed manner with the super-long

end experiencing marginal outperformance ahead of today's 30-Year supply.

- Swaps are running a little wider against JGBs.

- The JPY, Nikkei 225 & JGBs have struggled to find any real trading impetus

thus far, with BoJ Gov. Kuroda sticking to his usual rhetoric in an address made

earlier today.

- Most expect today's 30-Year supply to pass monthly despite the unattractive

outright yield levels.

- From a technical perspective gains continue to define futures this week with

focus back on the Mar 12 high (151.06) with a close above adding support to the

bullish case targeting 151.15-21 where '18 highs are noted. Bears look for a

close below yesterday's hourly support (150.96) to target the low from Apr 09

(150.85). The Bollinger band top (151.05) is the key concern for bulls with

potential to limit follow through.