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

JGBS: JGB futures stuck to a tight range on Wednesday, with cash curve

undergoing some modest steepening in late trade, although the benchmark 10-Year

cash bond failed to register a trade on Wednesday.

- The BOJ left the size of its 10-25+ Year Rinban operations unchanged. Looking

at the breakdown of the operations and their offer to cover ratios:

- 10-25 Year: 3.47 (prev. 3.72)

- 25+ Year: 3.69 (prev. 2.60), which probably aided the late steepening.

- Elsewhere BOJ's Suzuki offered little new, highlighting the need to monitor

the cumulative effects of ultra-loose MonPol, while stressing that progress

towards the Bank's inflation goal remains intact. Suzuki also said that the BOJ

board's decision in July to allow a wider trading range for the benchmark

long-term interest rate was not aimed at pushing up the levels of borrowing

costs.

- Immediate focus remains on today's 2-Year JGB supply.