JGB futures trade 8 ticks lower at writing,....>

JGBS: JGB futures trade 8 ticks lower at writing, with the long end

underperforming. The space saw a brief tick higher on the previously identified

Chinese state media headlines, but went on to make new session lows, sticking

well within the broader recent range.

- The BoJ left the size of its 10-25+ Year Rinban operations unchanged. Offer to

cover ratios as follows: 10-25 Year 3.44x (prev. 3.76x) 25+ Year 5.74x (prev.

4.59x). The uptick in the 25+ Year offer to cover ratio didn't help the

super-long end's cause in the afternoon.

- BoJ Governor Kuroda offered little new in his latest address, noting that

there is a fair chance low rates will continue after next Spring (he alluded to

as much earlier this week).Also worth noting that MNI understands that the Bank

is considering a longer time gap between its policy enforcing 5-to-10-year JGB

purchases and the regular scheduled Ministry of Finance auctions of the

benchmark 10-year bond in order to boost market pricing and functioning.

- Japanese GDP & a 5-15.5 Year liquidity enhancement auction headline on Monday.