[MARKET ANALYSIS] JGBs declined ahead of the BoJ rate decision, with the central bank widely expected to lift rates to the highest level since 1995

USTs: -0.5 ticks

• Paused overnight after bull steepening yesterday as the front-end outperformed on lower oil prices following the US-Iran MoU, while demand is contained ahead of a US 20yr auction due later today and with the FOMC announcement scheduled on Wednesday.

Bunds: -13 ticks

• Trickled lower as supply looms, including EUR 5bln in Bobls today, followed by tomorrow's EUR 2.5bln Bund offerings, while there was a bout of recent hawkish-leaning ECB rhetoric and German ZEW data also looms.

JGBs: -23 ticks

• Declined heading into the BoJ policy decision, with the central bank widely expected to hike rates by 25bps to 1.00%, which would be the highest level since 1995.