JGBs have struggled to find any real impetus...>

JGBS: JGBs have struggled to find any real impetus on Friday, ahead of Monday's

market holiday, with futures sticking to a tight range & the cash space lacking

any notable coherent direction, although both softened a touch in the afternoon

as the Nikkei 225 moved higher.

- The BOJ left the size of its Rinban operations covering the 5-25+ Year buckets

unchanged on Friday. Looking at the breakdown of the operations, the offer to

cover ratio of the 5-10 Year sector eased, while the 10-25 Year's offer to cover

ratio held steady, as the 25+ Year offer to cover ratio edged higher.

- Participants will focus on the BOJ's Rinban operations covering the 1-5 Year

sector of the curve later today.

- Daily studies looking to correct from modestly overbought levels in futures

and the lack of topside follow through remain concerns for bulls. In saying

that, bears still need a close below 150.89 to ease bullish pressure and return

initial focus to 150.71-80.