This morning’s BoJ Rinban operations saw mixed performance for cover ratios across the 1-3-, 3-5-, 10-25- and 25+-year (1-3-year: 1.58x, 3-5-year: 1.67x, 10-25year: 2.24x and 25-year+: 1.46x) buckets, but generally wider and positive spreads.

• On balance, this suggests some slight pressure in the early rounds of the Tokyo afternoon session.