Mixed Drivers Ahead Of Local Holiday

JGB futures unwound the bulk of their overnight losses in early Tokyo trade, before holding a narrow range for the remainder of the session.

• Futures sit 6 ticks softer than settlement levels ahead of the close as a result, with the uptick in the Nikkei 225 helping to unwind some of the broader risk-off feel that crept into markets in early trading this week, keeping JGBS in check.
• Cash JGB yields are marginally mixed.
• Comments from Japanese PM Suga offered little new.
• A reminder that Friday saw the BoJ cut the number of monthly Rinban ops covering up to 1-Year, 1-3 & 3-5 Year paper, although it did up the lower and upper ends of the purchase bands covering those Rinban buckets.
• Japanese markets will be closed on Tuesday, owing to a national holiday.
• Locally, 10-Year JGB supply is due Wednesday,