JGB futures stuck to a tight range in the......>

JGBS: JGB futures stuck to a tight range in the morning session, with a brief

look below yesterday's worst levels seen. Contract went into the lunch break 3

ticks lower on the day, with yields marginally higher across the curve.

- The BoJ's latest round of 1-10 Year Rinban ops saw softer cover ratios but

wider spreads. Details of the operations were as follows:

- 1-3 Year: offer to cover 2.67x (prev. 3.20x), average yield spread +0.007%

(prev. +0.001%)

- 3-5 Year: offer to cover 2.77x (prev. 3.35x), average yield spread +0.004%

(prev. +0.001%)

- 5-10 Year: offer to cover 1.99x (prev. 2.71x), average yield spread +0.004%

(prev. -0.012%)

- The most interesting matter in the summary of opinions of the BoJ's most

recent MonPol decision was that one board member emphasised that a review of the

Bank's monetary policy was becoming a necessity as muted growth and stubbornly

low inflation continue.