JGB futures operated in a tight range in.......>

JGBS: JGB futures operated in a tight range in Wednesday's main session, holding

lower, with the cash curve running a touch steeper.

- The BoJ left MonPol unchanged at its latest MonPol decision. There was a 7-2

vote to leave YCC unchanged as Harada & Kataoka dissented (exp.). The Bank also

trimmed its inflation outlook (exp.). The Bank added that it needs to pay close

attention to future developments, as it noted an increase in downside risks,

highlighting the risk of the scheduled sales tax hike, but risks to the Bank's

outlook are not deemed significant. In the post-meeting presser Kuroda stated

that the BoJ isn't considering an alteration of its permitted 10-Year JGB yield

trading band & that the BoJ would act if downside risks materialise.

- The Bank's Nov Rinban plan saw it trim the # of ops covering 1-3 & 3-5 Year

JGBs to 4 (prev. 5). It also upped the lower & upper bands of its purchase sizes

for those maturities. The Bank will not be conducting Rinban ops that cover the

maturities of JGB auctions in the day that follows an auction. JGB futures moved

lower on the overnight session as a result of these tweaks.

- 10-Year supply headlines today.