JGBs struggled alongside Tsys, with an.........>

JGBS: JGBs struggled alongside Tsys, with an uninspiring 10-Year JGB auction

applying some fresh pressure in the Tokyo afternoon. Contract last trades 19

ticks worse off, virtually on the lows.

- Yields now sit higher on the day across the curve, although the 20+ Year zone

continues to outperform

- BoJ Deputy Governor Amamiya largely regurgitated old comments, but did note

that the BoJ isn't running out of easing tools. He also noted that markets need

to understand the Bank's policy stance and economic assessment, as opposed to

expecting that the BoJ will provide an outright signal of future MonPol action.

- Focus tomorrow turns to 10-25+ Year Rinban operations from the BoJ and the

minutes from the BoJ's June meeting, which has of course been superceded by this

week's decision.