The Japanese Ministry of Finance.......>

JGBS AUCTION: The Japanese Ministry of Finance (MOF) will today sell Y2.2tln of

5-Year JGB's.

- The MOF last sold 5-Year debt on February 14, the auction drew cover of 4.672

at an average yield of -0.093%, average price of 100.94, a high yield of

-0.093%, low price of 100.94, with 91.9530% allotted at the high yield.

- Benchmark 5-Year yields are around 3bp lower than they were at the time of

February's auction which could provide some headwinds.

- Although Barclays expect that the auction will "clear without a hitch assuming

yields near current levels. Given the solid supply and demand into the FY-end,

the auction should spur a certain level of demand. That said, absolute and

relative valuations do not appear particularly cheap, undermining their

investment appeal."

- Results due at 0345GMT/1245JST.