The morning session was a quiet one for........>

JGBS: The morning session was a quiet one for JGBs, with futures sticking to a

tight range, as the space largely ignored the broader risk on flows. The long

end of the curve has experienced some modest outperformance, aided by the BoJ

leaving the size of its 1-5 & 10-25+ Year Rinban operations unchanged today.

- The offer to cover ratios of the operations were as follows:

- 1-3 Year 2.99 (prev. 2.58), 3-5 Year 2.62 (prev. 1.78), 10-25 Year 4.36 (prev.

3.24), 25+ Year 4.59 (prev. 3.17).

- It is worth noting the uptick in the ratios covering the longer dated paper,

perhaps pointing to an attempt at some position squaring ahead of tomorrow's BOJ

MonPol decision, which may effect price action in the afternoon session.

- Earlier comments from Japanese FinMin Aso, covered by BBG, noted that there

has been many positive side-effects from BoJ MonPol, and he doesn't believe that

the direction of MonPol has been wrong.

- The MOF has announced that it will issue Y400bn worth of I/L bonds on Nov 06.

10-Year break evens last deal at ~0.4%, virtually unchanged on the day.

- UBS has announced 6-Year NC5 & 10-Year NC9 JPY bond lines.