JGB's have again ended higher on the Tokyo.....>

JGBS: JGB's have again ended higher on the Tokyo session up on weekly highs.

Coming in at 150.46 the 10-Year JGB dipped 4bp after Japan Bond/Stock flow data

came in, showing roughly 3 times less foreigners buying bonds and Japan buying

roughly 3 times more bonds, likely emulating global concerns around the

election. After the dip JGB's came up to opening levels to gain 8bp ahead of the

auction of 3-Month Bills and 10-Minutes later, 10-Year Inflation Linked Bonds.

The 10-Year JGB was last at 150.54.

- The 10-Year auction brought in a lower price than prior on the same line and a

lower price than surveyed by Bloomberg, the bid/cover also came in at 3.099x,

down from 3.191x prior. Altogether a lack lustre auction, ahead of the auction

the yield curve steepened, flattening post auction and currently all yields are

lower across the curve, the 10-Year is down 0.7bp.