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

JGBS: JGB futures have stuck to a tight range during Tokyo trade, last 9 ticks

higher, consolidating a chunk of Friday's overnight gains.

- A negative session for the Nikkei 225 (last -3.1%) amidst broader risk-off

flows provided support to the space.

- Cash trade saw the curve bull flatten, with 10-Year JGB yields threatening to

break below -0.1% at one point, before yields edged away from worst levels

during afternoon trade.

- The BoJ left the size of its 1-5 & 10-25+ Year Rinban operations unchanged,

offer to cover ratios as follows:

- 1-3 Year 2.77x (prev. 3.26x), 3-5 Year 2.73x (prev. 3.26x), 10-25 Year 3.52x

(prev. 2.85x), 25+ Year 4.45x (prev. 4.34x).

- The uptick in the longer dated offer to cover ratios may have helped yields

back from worst levels.

- BoJ Governor Kuroda offered little of note in his latest address in front of

Japanese lawmakers, with BoJ's Harada due later today.

- 40-Year JGB supply is due tomorrow.