JGB futures held a tight range in the..........>

JGBS: JGB futures held a tight range in the morning, before challenging

overnight highs, aided by a strong 5.5-15.5 Year liquidity enhancement auction

for off the run JGBs (higher cover, tighter tail and narrower spreads vs. prev.

auction). Contract last +25, with the belly leading in the afternoon, and swaps

generally wider (excluding the 10-30 Year sector).

- Elsewhere, the Japanese fiscal cogs continue to turn, with suggestions that PM

Abe is pushing ahead with junior coalition party leader's request re: Y100K

handouts to all families irrespective of income, via local press reports.

- Elsewhere, the Nikkei suggested that the Japanese government will downgrade

its assessment for a second consecutive month

- Everything really is COVID-19 centric at the moment. As a reminder, yesterday

saw an official warn that Tokyo could see 80K cases, unless things change re:

the implementation of social distancing measures and the like.