JGB futures edged higher in the afternoon,.....>

JGBS: JGB futures edged higher in the afternoon, finishing +11, with the long

end experiencing some marginal outperformance in the wake of a solid enough

round of 20-Year supply, before fading.

- On the budget front, the govt's semi-annual update left the timeframe in which

it expects to achieve a balanced budget unchanged, although it revised down

initial surplus estimates (in terms of nominal amounts). FinMin Aso noted that

spending reforms aren't reflected in these, and that those matters will be

tackled moving forwards. He also expressed some doubt re: Chinese GDP &

questioned the accuracy of economic estimates stemming from the Sino-U.S. phase

1 trade deal.

- Local industrial production (final) & capacity utilisation data are due

Monday, as is the latest round of 1-5 Year BoJ Rinban operations. This comes

ahead of the latest BoJ MonPol decision, due Tuesday.