JGBs soften in quiet trade before 10-year sale
TOKYO, Nov 5 (IFR) - JGB prices were a touch lower in subdued trading on Tuesday morning, with dealers turning their attention to the monthly auction of 10-year bonds on Wednesday.
The market took its cues from a rise in U.S. Treasury yields, with the 10-year yield up 0.5 basis point at 0.595 percent and the benchmark five-year yield up 0.5 basis point at 0.195 percent.
Activity in the cash bond market was limited with both investors and dealers staying largely sidelined ahead of a monthly auction of 10-year bonds on Wednesday and subsequent auctions of other maturities later this month.
One fund manager at a domestic mutual fund said he expected the benchmark 10-yr JGB yields to consolidate in a very narrow range around 0.600 percent for now.
In the super-long zone, the 20-year yield was flat at 1.500 percent while the 30-year yield rose one basis point to 1.650 percent.
The lead December JGB futures finished morning trade down 0.03 point at 145.04.
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