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JGBs extend rally on strong investor demand

Thu May 8, 2008 8:58pm EDT

TOKYO, May 9 (Reuters) - Japanese government bonds extended their rally on Friday, driving futures up more than a point, as investors rushed to buy paper at higher yield levels after a poor auction of 10-year debt was out of the way.

Bonds

On Thursday, a big wave of buying emerged after the weak auction, confirming solid investor demand and prompting many market players to shift funds into JGBs.

June 10-year futures climbed 1.04 points to 136.84, before easing back to 136.70 2JGBv1. The benchmark 10-year yield fell 8 basis points to 1.560 percent JP10YTN=JBTC, well off a seven-month high of 1.680 percent struck this week. (Reporting by Rika Otsuka)

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