JGB futures have recovered from the early......>

JGBS: JGB futures have recovered from the early afternoon lows that came about

on the back of the latest auction. While the results were softer than last

month's offering, this needs to be taken in context, as February's auction

offered up a particularly strong break down, and such context has probably

allowed the contract to recover to unchanged levels.

- Yields are marginally higher across the curve.

- There has been little in the way of Japan-specific news flow to drive the

space.

- Focus now moves to tomorrow's 5-10 Year BoJ Rinban operations, the first

operation to cover this bucket since the tweaks to its purchase amount band and

the lowering of the frequency of operations that cover the bucket.