Searching For A Catalyst

JGB futures are off of best levels, with little in the way of local of broader headline flow apparent, with the contract running out of steam after a look through the overnight highs. The contract finished the morning session +2 vs. settlement levels.

• Chief Cabinet Secretary Suga has confirmed that he will make a public address later today re: a potential run for Prime Minister, as was reported earlier this week.
• Elsewhere, BoJ Deputy Governor Wakatabe flagged the potential for a BoJ policy review (a la Fed & ECB), in addition to expressing the need for better coordination between monetary and fiscal policy moving forward.
• On the Rinban front, the BoJ left the size of its 1-5 & 10-25 Year purchases unchanged, with the most notable takeaway from the breakdown being an uptick in the cover ratio in the 10-25 Year ops (although 3.48x isn't particularly elevated).