There was little in the way of notable.........>

JGBS: There was little in the way of notable reaction in the wake the latest

5-Year JGB auction, which was well received. The cover ratio held relatively

firm, with the tail width also holding steady as the low price met dealer

expectations (as proxied by the BBG dealer poll).

- The auction seemingly facilitated some modest twist steepening of the curve,

while futures edged higher in the afternoon session, sticking to a tight range,

with the Nikkei 225 well bid.

- BoJ's Amamiya & Japanese FinMin Aso offered up little new in their latest

addresses, while Nikkei sources suggested that "the Bank of Japan appears poised

to cut its assessments of exports and industrial production during this week's

policy meeting," as indicated in the MNI Policy team's recent work.