JGB futures were also pressured by the.........>

JGBS: JGB futures were also pressured by the broader risk-on feel, contract last

-25 ticks on the day as we move towards the bell. 7s underperformed in cash

trade all day, perhaps pointing to a move that was at least partially futures

driven.

- Swap spreads are generally wider across the curve.

- The BoJ's latest MonPol decision met consensus. The Bank left its short- &

long-term interest rate settings unchanged, with the size of corporate credit

provisions lifted to Y110bn from Y75bn (in lieu of recent moves from the

government), a clear emphasis on short-term downside risks, and a hat tip to the

downtick in inflation. No surprise that reflationist Kataoka dissented, arguing

for lower short- and long-term rates, as well as forward guidance that linked

policy rates to the Bank's price stability target.

- The latest round of BoJ Rinban offerings headlines the local docket on

Wednesday.