It has been a sedate session for the JGB.......>

JGBS: It has been a sedate session for the JGB space, with yields edging lower,

excluding 40-Year paper which has underperformed.

- Futures have stuck to a tight range in the wake of Thursday's night session

uptick, which was in line with the broader uptick in fixed income on the back of

EM/trade war worry.

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

unchanged. The offer to cover ratios of the operations are listed below.

- 1-3 Year: 3.29 (prev. 3.71)

- 3-5 Year: 3.41 (prev. 2.84)

- 5-10 Year: 3.38 (prev. 2.91)

- Participants are focusing on today's announcement of the BOJ's Rinban plan for

September. It is worth remembering that 10-Year JGB yields still operate at a

mere ~0.11bp, with some speculating that the BOJ could adjust its longer dated

operations next month, although this is by no means a consensus view.