JGB futures stuck to Friday's overnight........>

JGBS: JGB futures stuck to Friday's overnight session range and last trade 5

ticks lower at 150.80. The cash curve is running steeper on the day.

- Traders were wary after Friday's surprise tweak to the BoJ's 5-10 Year Rinban

operations, but the Bank opted to stand pat this time out, and leave the size of

its operations covering the 1-5 & 10-25+ Year sectors unchanged. The most

notable takeaways from the breakdown of the operations showed that the 10-25

Year bucket's offer to cover ratio nearly doubled to levels more in line with

the other buckets, while the 1-3 Year bucket's offer to cover ratio ticked above

5, which kept a lid on the space in afternoon dealing, while adding pressure to

the shorter end of the curve.

- Focus now moves to a 10-Year JGB auction and liquidity enhancement auction for

longer dated paper later this week.

- After last week's rally stopped short of YtD highs bears look for futures'

200-DMA at 150.75, which provided support on Friday, followed closely by the

100-DMA at 150.73.