JGB futures briefly breached Tuesday's low.....>

JGBS: JGB futures briefly breached Tuesday's low in early dealing Wednesday,

before edging higher.

- The shorter end of the curve drew modest support ahead of the latest round of

BOJ Rinban operations, which covered the 1-10 Year buckets. The size of the

Rinban purchases were left unch. & the offer to cover ratios of the operations

can be found below:

- 1-3 Year 3.64 (prev. 2.90), 3-5 Year 2.21 (prev. 2.18), 5-10 Year 2.73 (prev.

2.28).

- 20-Year paper experienced some modest underperformance ahead of today's JGB

auction covering the sector, before cash yields finished the morning session

largely unchanged. Broader yields then edged lower in the afternoon session as

the Nikkei 225 moved back from best levels, as the underperformance of Chinese

equities tempered risk appetite into the JGB close.

- Participants now look to the BOJ's Rinban operations (Friday), addresses from

BOJ Gov. Kuroda (Thursday & Friday) & Dep. Gov. Amamiya (Saturday), as well as

20-Year JGB supply (Thursday).