No Real Local Reaction To Rinban Tweaks

Not much in the way of local follow through in the wake of the previously flagged tweaks to the BoJ's Rinban purchases for thew coming quarter, with most of the cash JGB curve sitting flat to a touch firmer on the day. 20s are the only major benchmark that sits cheaper vs. Tuesday's closing levels at typing (to the tune of ~0.5bp). A reminder that most view the tweaks to the Rinban operations (including the release of a quarterly schedule) as a way of promoting the functioning of the JGB market, as opposed to a policy signal. Futures have held to a tight range, last printing -5 vs. yesterday's settlement level.