JGB's were firmer than their global............>

JGBS: JGB's were firmer than their global counterparts as futures last traded at

151.00 (unch.).

- The cash curve was a little flatter as super-long paper outperformed heading

in to FY end.

- The latest round of political scandal surrounding PM Abe's wife was absorbed

by the market, as many headlines surrounding the matter had been run over the

weekend, but probably helped the space to hold firm.

- The latest round of BoJ Rinban operations covering the 5-25+ Year buckets saw

a slight pickup in the offer to cover ratio across all 3 maturity groups.

- For futures, recent volatility has resulted in pressure returning to the

151.18-19 region where the Bollinger band top is situated. Bulls continue to

look for a close above 151.19 to initially target 151.51 2017 highs. The

Bollinger band top is the key concern for bulls with potential to limit follow

through. Bears still need a close below 150.89 to ease bullish pressure and

below 150.51 to target 2018 lows.