JGB futures have reclaimed the 150.00 level....>

JGBS: JGB futures have reclaimed the 150.00 level in early dealing, with yields

edging ever so slightly lower across the board.

- The results of the 10-25+ Year BOJ Rinban operations will likely be integral

to price action today, although we may have to wait to see the breakdown of the

results in the lunch break before participants gain any real conviction (if the

Bank leaves the purchase amounts unchanged).

- As a reminder the latest 15.5-39 Year liquidity enhancement auction, conducted

yesterday, saw the tail widen, average spread jump & cover ratio ease. The

auction result perhaps points to some trepidation ahead of today's longer dated

BOJ Rinban ops after the BOJ trimmed the upper & lower limits of the size of its

long end purchases in its Oct JGB buying plan.