Futures saw an uptick in early dealing on......>

JGBS: Futures saw an uptick in early dealing on Thursday, recovering from the

overnight lows, perhaps on the lack of fresh hawkish information in the summary

of opinions from the BoJ's Jul MonPol decision, with only 1 member voicing

support for a -/+0.25% 10-Year JGB yield range (BoJ's Amamiya had previously

pointed to marginal differences in opinion at the meeting).

- The BoJ left the size of its Rinban operations covering the 1-10 Year buckets

& JGBis unchanged in its latest round of ops, with no large swings in the offer

to cover ratios.

- The cash curve finished a little steeper, with the long end underperforming

ahead of today's 30-Year supply. 40-Year yields closed above 1.00%. The auction

will be integral to the short term outlook for the longer end of the curve, and

may have knock on effects in global bond markets.

- Swaps out to 10-Years tightened on the back of Samurai hedging.

- Initial resistance in futures comes in at the spike low from Jul 31 (150.24).

The recovery has lacked impulsiveness thus far, while momentum indicators remain

bearish. 149.95 acts as initial support.