Super Long End Well Supported

A fairly sedate Tokyo session saw the super-long end of the curve experience some outperformance, with the bull flattening theme extending during the afternoon session. The move initially came on the back of the spill over from U.S. Tsy trade during NY hours. Futures traded either side of unchanged, with the firming of the super long end adding support during the Tokyo afternoon, the contract last deals +4. 5-25 Year BoJ Rinban operations were upsized, in line with the Bank's already delivered April Rinban outline, with the offer to cover ratios sliding vs. the previous operations in the respective buckets (which would have provided another leg of support). 5-Year JGB supply headlines locally on Thursday.