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Little to really add to earlier points, with...>

JGBS
JGBS: Little to really add to earlier points, with Rinban dynamics and a degree
of auction set up ahead of upcoming longer dated issuance shaping the curve
steepening that was evident in the Tokyo morning. Futures finished just off
lows, 19 ticks lower than settlement at the break.
- The BoJ lifted the size of its 3-5 Year Rinban ops by Y30bn (to Y350bn),
although this had little impact on prices as such a move was discounted by
participants. The breakdown of the ops saw a marginal uptick in the offer/cover
ratio and widening of spreads vs. prev. ops.
- The downtick in local equity markets and JPY crosses may have provided modest
support for the space ahead of the bell.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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