No Pre-Holiday Jolt Seen

Futures ticked lower during the Tokyo morning, but the contract stuck to the confines of the overnight range, hitting the bell 2 ticks below Tokyo settlement levels, while cash JGBS were marginally mixed across the curve.

• Participants were seemingly side-lined ahead of the holiday adjusted schedule that will impact the space over the next couple of weeks, while there are no expectations for anything meaningful come the end of the BoJ's latest 2-day monetary policy meeting, with the decision and accompanying economic projections set to be issued on Tuesday.
• The latest round of BoJ 1- to 10-Year Rinban operations saw the purchase sizes left as they were, with the following offer to cover ratios seen:
• 1- to 3- Year: 2.84x (prev. 2.87x)
• 3- to 5- Year: 3.01x (prev. 4.12x)
• 5- to 10- Year: 3.32x (prev. 2.53x)