JGBs erased the bulk of their...........>

JGB SUMMARY: JGBs erased the bulk of their overnight session losses & trade 2

ticks lower at 150.84 heading into the close. The risk off flow stemming from US

President Trump's fresh tariff proposals allowed the space to move higher,

although the recovery in the Nikkei 225 saw JGB futures move back from session

highs.

- The curve was once again steeper as super-long paper underperformed for a

second consecutive session.

- The latest BoJ Rinban operations seemed to have been conducted on fairly

favourable terms, as the 1-3 Year bucket's offer to cover ratio eased, allowing

the spread at which the ops are conducted to move back into negative territory,

while the 3-5 Year bucket's results were relatively stable.

- Long end swaps tightened vs. JGBs.