JGB's have slightly recovered from last........>

JGBS: JGB's have slightly recovered from last night's sell off alongside Tsy's.

The 10-Year future closed the overnight at 150.33 and immediately dipped to

150.26 on the Tokyo open, post buying operations the 10-Year went to 150.36 and

was last at 150.34. The recovery was again helped by purchasing operations from

the BOJ, each sector receiving at least double the bids accepted.

- The JGB 10-Year future weakened alongside Tsys on the overnight which sold off

amid speculation that said 'hawkish' Fed Chair nominee Taylor might be the

front-runner. The 10-Year JGB also moved slightly lower on the overnight when

headlines came down stating Nippon and Sumitomo are to raise foreign bond buying

in the 2nd half of the fiscal year. Nippon Life has said they are looking to buy

20- 30-Year JGB's when yields rise to 1%, of which earlier in the session post

buying operations the 10-Year yield was hovering around 0.07%/0.08%.

- JGB Yields were last all down except the 10-Year which is up 0.1bp, the long

end 30-Year down 1bp.