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Offer/cover ratios on BoJ JGB buybacks rise....>

JGBS
JGBS: Offer/cover ratios on BoJ JGB buybacks rise from the previous operation
with higher spreads.
- 25+ Year covered 3.19x (prev. 2.85x), spread 0.021 from 0.005 last time out.
Comes as the BoJ reduce purchases in the sector by Y10bln.
- 10-25 Year covered 3.19x (prev. 2.5x), spread 0.013 from 0.003 last time out. 
- JGB futures off session lows but holding losses made after purchase
operations, last at 151.00, resistance seen at 151.02 the Nov 22 low.
- Also worth noting that today's bill purchase takes outstanding amount of bills
below the BoJ target for the end of November, next bill purchase on Friday 1
December.

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