Lead December JGB futures open slightly lower, but rebound a tad to be last up 0.01 at 143.93. Mizuho Securities senior bond strategist Teruyoshi Sotome says that the market is likely to be directionless after German and U.S. bond markets were largely unchanged. But he adds participants are still wary of optimism about Europe ahead of the ruling on the legality of the eurozone's permanent bailout fund later in the day as well as the ability of the Greek government to agree on austerity measures. He expects a five-year bond auction later in the day to go smoothly, with a high likelihood of a 0.2% coupon. He tips the benchmark 10-year yield to trade in a 0.790%-0.805% band for the session, and lead December JGB futures in a 143.80-144.00 range. 10-year cash bonds have yet to change hands.
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