Off OF Best Levels In The Afternoon

JGB futures consolidated within their overnight range during Tokyo trade, operating in familiar territory, closing +2, drifting lower in the afternoon with global equities bid. Cash trade generally saw a light bid across the curve, with 5- & 10-Year JGBs seeing some modest outperformance, although the super long end softened in afternoon trade, with 30s and 40s going out a little cheaper on the day (likely linked to the aforementioned uptick in global equity markets and/or representing some concession ahead of tomorrow's 40-Year JGB supply).

• There was little to go off for the space, with the size of the latest round of BoJ 1-10 Year Rinban operations left unchanged, while the offer to cover ratios of the operations provided nothing in the way of market moving impetus.