Japan's MOF sells Y2.294 trillion worth of 0.2% five-year bonds with the lowest price of 100.05 yielding 0.189%; the results are in line with market expectations. The bid-to-cover ratio fell, but was still healthy at 4.96 compared with the previous month's 5.51. The auction's tail is short at 0.00, the same as the last tender. Mizuho Securities turns out to be the biggest taker with Y251.7 billion, followed by Mitsubishi UFJ Morgan Stanley Securities with Y232.7 billion. The auction result produce little impact on market as good results are widely anticipated, says Keiko Onogi, senior strategist at Daiwa Securities Capital Markets. Lead December JGB futures are little changed, off 0.03 at 144.55.
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