Very narrow Tokyo trade for JGB futures, in....>

JGBS: Very narrow Tokyo trade for JGB futures, in a session that was bereft of

any real notable domestic news flow, with the contract -4 ticks ahead of the

bell.

- On the local data front it is worth flagging that both of the major components

in the Economy Watchers survey hit all time lows in April.

- The 20-30 Year area of the curve outperformed in cash, despite 30-Year JGB

supply due tomorrow. Swap curve a little different, twist steepening, with

spreads vs. JGBs mixed.

- The BoJ left the size of its 1-5 & 10-25 Year Rinban ops unchanged. Details

below:

- 1-3 Year: offer/cover 2.54x (prev. 2.01x) yield spread -0.004 (prev. -0.005)

- 3-5 Year: offer/cover 2.48x (prev. 2.81x) yield spread 0.003 (prev. 0.015)

- 10-25 Year: offer/cover 3.20x (prev. 3.57x) yield spread 0.003 (prev. -0.014)