JGB futures drew support from a solid 5-Year...>

JGBS: JGB futures drew support from a solid 5-Year JGB offering, which pushed

the contract to fresh Tokyo session highs in the afternoon, with the contract

last +16, just off best levels, as the belly of the curve unwound its

pre-auction concession to outperform on the day.

- As a reminder, the auction saw the low price top dealer exp., as proxied by

the BBG poll, while the price tail held steady, with a narrow width, although

the cover ratio edged back from the 12-month high that was witnessed at April's

auction, with the auction conducted at slightly richer outright levels.

- Early on, little reaction was seen on the back of better than expected, but

still dismal, local prelim Q1 GDP data, which confirmed a technical recession.

- Elsewhere, local reports suggested that Japan is mulling easing travel

restrictions imposed on South Korea and China, after the two countries requested

Japan relax business travel restrictions over the weekend.

- BoJ Rinban operations headline Tuesday's local docket.