Yesterday's morning session was a quiet one....>

JGBS: Yesterday's morning session was a quiet one for JGBs, with futures

sticking to a tight range, as the space largely ignored the broader risk on

flows.

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

- The offer to cover ratios of the operations were as follows:

- 1-3 Year 2.99 (prev. 2.58), 3-5 Year 2.62 (prev. 1.78), 10-25 Year 4.36 (prev.

3.24), 25+ Year 4.59 (prev. 3.17).

- It is worth noting the uptick in the ratios covering the longer dated paper,

this perhaps pointed to an attempt at some position squaring ahead of today's

BOJ MonPol decision. This was seemingly the trigger for the space to move lower,

with 10- & 20-Year paper underperforming come the end of yesterday's session.

- Comments from Japanese FinMin Aso, covered by BBG, noted that there has been

many positive side-effects from BoJ MonPol, and he doesn't believe that the

direction of MonPol has been wrong.

- The aforementioned BoJ MonPol decision, as well as the Bank's Rinban operation

plan for November will dominate the local docket today.