Futures stuck to a tight range in the..........>

JGBS: Futures stuck to a tight range in the morning, with some twist steepening

apparent on the curve.

- The BoJ left the size of its 1-10 Year Rinban operations unchanged, offer to

cover ratios as follows.

- 1-3 Year 3.88x (prev. 2.75x), 3-5 Year 4.19x (prev. 2.92x), 5-10 Year 3.19x

(prev. 2.50x).

- The uptick in the offer to cover ratios may have applied some weight in the

afternoon, as futures ticked lower and the short end of the cash space unwound

its earlier outperformance. Futures trade 6 ticks lower ahead of the close.

- BoJ's Kuroda & Kataoka offered little in the way of fresh views on the MonPol

backdrop, with Kataoka's dissent re: the Bank's MonPol methods remaining.

- The major JPY crosses are little changed, while the Nikkei 225 is ~0.6%

higher.

- 2-Year supply, retail and industrial production will draw participants'

interest tomorrow.