The widely touted trimming of the......>

BOND SUMMARY: The widely touted trimming of the purchase size of the BoJ's 5-10

Year Rinban operations provided some light pressure for JGBs, with futures last

-7 ticks after a brief look below the overnight low, before the contract

recovered. The curve has now unwound the earlier steepening, with super-long

yields little changed and the the 5-10 Year sector underperforming, with yields

off their lows.

- The move in the BoJ's Rinban operations applied some light pressure to Tsys,

with yields 1.6-2.2 bp higher across the curve and T-Notes sitting 0-01 lower at

131-19. Eurodollar futures deal unchanged to 1.5 ticks lower through the reds.

- Aussie Bonds have stuck to a tight range. XM -0.5 and YM -2.0, looking through

very weak local building permits data. Bills trade 1-2 ticks lower through the

reds.

- Participants should be cognisant of headline risk ahead of that the

implementation of the latest round of tariffs in the Sino-U.S. trade war, which

are set to go into play on Sunday.