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

JGBS: JGB futures have stuck to a tight range, after the space ticked higher in

early Tokyo trade, taking queue from the dovish FOMC & ensuing reaction in the

Tsy space, with the curve flattening as a result. JGB futures last 5 ticks

higher on the day.

- Afternoon trade has seen a bid develop in the short-end of the curve, on the

back of a strong 2-Year auction which saw the low price exceed dealer exp.,

cover ratio tick higher and tail narrow.

- The Nikkei 225 trades ~+1.0% on the day, back from session highs.

- The accounts from the BoJ's latest MonPol decision and subsequent comments

from BoJ Deputy Gov. Amamiya focused on increasing downside risks, but revealed

very little in the way of fresh information.

- Focus remains on the BoJ's Feb Rinban plans, due after hours.