The JGB curve finished Thursday's session a....>

JGBS: The JGB curve finished Thursday's session a touch steeper, with

participants focusing on Friday's announcement of the BOJ's Rinban plan for

September. It is worth remembering that 10-Year JGB yields still operate at a

mere ~0.11bp, with some speculating that the BOJ could adjust its longer dated

operations next month, although this is by no means a consensus view.

- Short end JGBs briefly unwound the bulk of their losses on the back of a

relatively strong 2-Year JGB auction as the cover ratio ticked higher and

average yield equated to the high yield. The low price was also a touch higher

than dealers' median exp.

- Futures also traded back from worst levels as the Nikkei 225 moved back to

unchanged, before the aforementioned tick higher in long end yields resulted in

a new intraday low for JGB futures, which was followed by a recovery in the

overnight session alongside U.S. Tsys.

- 1-10 Year BOJ Rinban operations and the announcement of the BOJ's September

Rinban schedule dominate the docket on Friday.