Futures made fresh lows in the afternoon.......>

JGBS: Futures made fresh lows in the afternoon after the latest batch of BoJ

Rinban operations weighed, as the offer to cover ratios moved higher across all

3 buckets. JGB futures last traded 6 ticks lower at 150.79.

- The cash space also made fresh lows in the afternoon as paper out to 10-Years,

underperformed the super-long end following the Rinban ops.

- 3-Month TIBOR fixed 1.2bp higher today at 0.097%, representing a second

consecutive day of higher fixings, following 2-months of no higher fixings

starting in late Jan.

- If futures close below 150.82 focus will move to back to 150.55-73 where the

55, 100 & 200-DMAs are located. Bulls now need a close above 151.06 to reconfirm

initial focus on 151.12-19 where the Bollinger top, 2018 high and Nov monthly

high are located.

- The BoJ is set to release its April JGB purchasing plan at the top of the

hour.