JGB trade has been fairly limited. Futures.....>

JGBS: JGB trade has been fairly limited. Futures last trade 1 tick higher at

150.81 after sticking to a tight range, while cash trade saw the shorter end

underperform.

- There was no notable concession ahead of today's 10-Year supply, although the

jump in the offer to cover ratio of yesterday's 10-25 Year BoJ Rinban operations

suggested some degree of setup ahead of issuance. The results of the auction

were solid enough, with the low price coming in slightly higher than exp. and

the cover ratio moving higher (albeit inline with recent averages), although the

yield on offer was below 0.05%.

- Futures remain stuck between a rock and a hard place, after last week's rally

stopped short of YtD highs bears look for futures' 200-DMA at 150.75, which

provided support on Friday, followed closely by the 100-DMA at 150.73.