JGBs have witnessed some twist flattening of...>

JGBS: JGBs have witnessed some twist flattening of the curve, as the short end

more than reversed its early, albeit modest, gains. The long end also sits off

best levels.

- Futures last trade +3 ticks at 153.94, back from best levels after looking

above the figure.

- The BoJ left the size of its 5-10 & JGBi Rinban operations unchanged, offer to

cover ratios as follows:

- 5-10 Year 3.30x (prev. 2.19x), JGBis 5.12x (prev. 6.29x).

- Futures ticked back from highs in the afternoon, likely on the increase in the

offer to cover ratio in the 5-10 Year bucket during the latest round of Rinban,

outlined above.

- BoJ's Amamiya offered little new in his latest address, while participants

chose to look through particularly strong domestic household spending data,

which triggered an upgrade in the government's view of household spending (local

data is looked through more often than not with a focus on the BoJ's MonPol).

- Looking ahead, BoJ Governor Kuroda will speak on Monday.