The space was a tad softer in the morning......>

JGBS: The space was a tad softer in the morning session, with futures going into

the lunch break 3 ticks lower at 150.81.

- The cash curve saw a modest pick up in yields although the moves were very

limited.

- The size of the BoJ's Rinban operations covering the 1-10 Year buckets were

left unchanged, with the offer to cover ratios holding steady across the board.

- Future's hesitation ahead of the 150.95-151.06 resistance region is less than

ideal for bulls with a close above the March 12 high (151.06) needed to shift

initial focus higher. Bears now need a close below the May 02 low (150.77).