JGB futures have stuck to a narrow range,......>

JGBS: JGB futures have stuck to a narrow range, with some modest flattening

apparent in the cash space after the elongated weekend, with the super-long end

outperforming.

- The BOJ left the size of its 1-3 & 3-5 Year Rinban operations unchanged at

today's operations. The offer to cover ratio of the 1-3 Year sector jumped to

5.36 from 3.67, while the offer to cover ratio of the 3-5 Year sector eased a

touch to 3.61 from 3.80.

- Daily studies looking to correct from modestly overbought levels in futures

and the lack of topside follow through remain concerns for bulls. In saying

that, bears still need a close below 150.89 (where the contract last deals) to

ease bullish pressure and return initial focus to 150.71-80.