Japan's response to Monday's round of..........>

JGBS: Japan's response to Monday's round of risk-off flow could set the tone for

the Asia-Pac region after the elongated weekend in Tokyo.

- A reminder that the final overnight session of last week saw futures blip

lower after BoJ Gov. Kuroda's tipped his hat to the potential for the BoJ

adopting a shorter yield target than the current 10-Year, but somewhere down the

line in terms of time horizon & the comment lacked any real specifics. He also

reiterated the Bank's ability to act to fight the effects of the coronavirus if

needed, which he repeated over the weekend at the G20. The aforementioned dip

was bought, with the contract testing Friday's Tokyo highs on several occasions

during the final overnight session of last week.

- A reminder that Friday's Tokyo session also saw some aggressive tightening of

longer dated swap spreads.

- Services PPI & 10-25+ Year BoJ Rinban ops are due today.