JGB futures were better bid from the off,......>

JGBS: JGB futures were better bid from the off, with the contract last +11 on

the day, although bulls have failed to make a convincing break above 152.00.

Onshore participants played catch up to the NY bull flattening seen in Tsys,

with JGB cash trade eventually following the same theme.

- The BoJ left the size of its 1-5 Year Rinban ops unch., with the breakdown

revealing a slight uptick in offer/cover and marginal widening of spreads.

- There has been little in the way of notable local news flow, outside of a JiJi

piece suggesting that "Japan will refrain from directly referring to its target

of achieving primary surplus in FY25 in the basic economic and fiscal management

policy it's compiling as deficit grows as a result of measures taken to prevent

the spread of coronavirus," per BBG.

- Elsewhere, Nissan has hired banks to run a multi-tranche round of JPY

issuance, per BBG.

- Worth noting that local bank lending and deposits grew at unprecedented levels

in June, per the latest round of data.

- 5-Year supply headlines the local docket on Thursday.