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

JGBS: JGB futures operated in a tight range today, holding lower, with the cash

curve running a touch steeper, perhaps pointing to some follow through from the

uptick in the offer to cover ratios in the BoJ's longer dated Rinban operations

yesterday/some worry ahead of the release of the Bank's November Rinban outline.

- The swap curve also steepened, but the space lagged JGBs. 

- Today saw the BoJ leave its MonPol settings unchanged at its latest MonPol

decision. There was a 7-2 vote to leave YCC unchanged as Harada & Kataoka

dissented (expected). The Bank also trimmed its inflation outlook (expected).

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 at

present.

- Focus now moves to BoJ Governor Kuroda's press conference and the Bank's

November Rinban operation outline due later today. 10-Year JGB supply is due

tomorrow.