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

JGBS: JGBs erased the bulk of their overnight session losses & finished the

morning session a tick lower at 150.85, on the risk off flows stemming from US

President Trump's fresh tariff proposals, although the recovery in the Nikkei

225 allowed JGB futures to move back from best levels..

- 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.