Tight, But Biased A Touch Lower

Some modest pressure crept into the space during the Tokyo morning as the JPY softened and a light degree of weakness was seen in core global FI markets (as we have outlined elsewhere). Cash trade sees 20+-Year paper a touch cheaper, with the remainder of the curve trading either side of unchanged, while futures hit the bell 4 ticks below yesterday's settlement level.

• The BoJ left the size of its 3- to 5- & 10- to 25+-Year JGB purchases at unchanged levels, with little to note on the offer/cover front.
• As we noted earlier, the BoJ's April Rinban plan is due to hit after hours and this is the first time that we will see the outright purchase amounts given in the Rinban plan (previously given as ranges). Some have suggested that the BoJ could cut the size of its super-long JGB purchases, while others have suggested that any such move would be too close to the BoJ's March decision and may risk muddying the message of a need for low yields across the entirety of the curve.