Futures stuck to a tight range on Wednesday....>

JGBS: Futures stuck to a tight range on Wednesday 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 to the

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

space unwound its earlier outperformance. Futures continued to tick lower,

alongside Tsys, overnight.

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

backdrop when they spoke on Wednesday, with Kataoka's dissent re: the Bank's

MonPol methods remaining.

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

interest today.