It was a quiet morning session for JGB.........>

JGBS: It was a quiet morning session for JGB futures, which held lower, with the

cash curve running a touch steeper as participants await the outcome of the

latest BoJ MonPol decision.

- All of those surveyed expect the Bank of Japan (BoJ) to leave its policy rate

unchanged at -0.10%, with focus set to move quickly on to the BoJ's Yield Curve

Control (YCC) mechanism and the rhetoric employed by BoJ Gov Kuroda in his press

conference. Views re: policy normalisation are wide spread, in terms of the

mechanisms analysts expect the BoJ to use and the timeframe over which they

expect such moves to occur. Some have suggested that the BoJ may alter the its

Rinban schedule to allow more time between JGB auctions & Rinban ops to promote

trading activity, while others have mooted less frequent ops (as has been the

case since the start of Sep, which was originally attributed to seasonality).

Focus will therefore fall on the Bank's Nov Rinban ops, which could hit any time

after the decision.