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 BoJ left 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,

this is perhaps pointing to an attempt at some position squaring ahead of

tomorrow's BOJ MonPol decision. This was seemingly the trigger for the space to

move lower, with 10- & 20-Year paper underperforming come the end of the day.

- 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 aforementioned BoJ MonPol decision, as well as the Bank's Rinban operation

plan for November will dominate the local docket on Wednesday.