JGB futures were well bid in the wake of the...>

JGBS: JGB futures were well bid in the wake of the BoJ's MonPol decision, albeit

off best levels (last +9), as the Bank formally removed its purchasing

limit/target for JGBs (had become relatively meaningless), while it pointed to

increased JGB & Bill purchases to deal with the greater supply burden and

delivered higher than expected corporate bond/commercial paper purchase limits

vs. expectations.

- These aren't really seen as game changing moves for the BoJ, as we covered

ahead of the decision, more of a necessity given the impact of COVID-19 and

increased fiscal burden.

- The 7-10 Year zone of the curve briefly unwound early underperformance, before

moving back from richest levels of the day, with front end outperformance seen

on the aforementioned SME liquidity measures.

- Swaps generally wider on the day ahead of the close.

- 1-10 Year BoJ Rinban operations and labour market data headline tomorrow's

local docket.