JGB futures ticked higher throughout Tokyo.....>

JGBS: JGB futures ticked higher throughout Tokyo trade and sit 11 ticks above

settlement levels as we approach the close, with some modest bull flattening

creeping into the cash space.

- A softer Nikkei 225 and modest JPY gains also provided some support for JGBs.

- The BoJ increased the size of its 5-10 Rinban ops to Y480bn from the prev.

Y430bn, after it trimmed the frequency of purchases covering the bucket in its

March Rinban plan. If the BoJ leaves its 5-10 Year JGB purchase size unchanged

for the remainder of the month it will purchase Y230bn fewer 5-10 Year JGBs

during March vs. the prior purchase schedule. The BoJ also left the size of its

JGBi purchases unchanged.

- The offer to cover ratios for the operations were as follows:

- 5-10 Year 2.59x (prev. 3.19x), JGBis 5.51x (prev. 5.13x)

- Elsewhere, BoJ's Harada offered little new in his latest address.

- 30-Year JGB supply headlines the docket tomorrow.