Worth noting that JGB futures trod higher in...>

JGBS: Worth noting that JGB futures trod higher in early dealing, perhaps in

anticipation that the BOJ would up the size of its 5-10 Year Rinban operations,

with longer date paper outperforming thus far and the curve sitting flatter on

the day. The Space would have also drawn support from the latest sell off in the

Nikkei 225, which would have been hampered by an earthquake in Japan, which

comes shortly after a Typhoon hitting earlier this week.

- The BOJ delivered and upped the size of its latest 5-10 Year Rinban operations

by Y50bn, in line with the upping of the 1-3 & 3-5 Year purchases by Y50bn a

piece earlier this week. To recap this was largely exp. following the trimming

of the quantity of ops in the bucket this month (to 5 from 6), which will result

in a slightly lower amount of purchases this month if the size of the Rinban ops

are held constant with those conducted this week.