March 15, 2013 / 3:16 AM / in 5 years

JGBs steady as government approves new BOJ leadership

TOKYO, March 15 (Reuters) - Japanese government bonds held steady, with yields not far above record lows hit last week as the government on Friday gave its official nod to a new Bank of Japan leadership that is expected to proceed with aggressive monetary easing.

* Japan’s parliament approved Haruhiko Kuroda to take the helm of the BOJ, as well as nominees Kikuo Iwata and Hiroshi Nakaso to be Kuroda’s deputies.

* “With monetary easing a given, we have to see what fiscal steps the government takes, and how they will be funded,” said a fixed-income fund manager at a European asset management firm in Tokyo.

* The 10-year yield was flat at 0.620 percent, holding above its near-decade low of 0.585 percent hit last week.

Ten-year JGB futures rose 0.03 point to end the morning session at 145.20, within sight of their all-time record high of 145.50 struck one week ago.

* A tenth straight record close for the Dow Jones industrial average buoyed investors’ risk tolerance, and helped push up Japanese equities. The Nikkei share average rose to a new 4-1/2 year high.

* The 20-year yield slipped half a basis point to 1.615, while the 30-year bond yield was flat at 1.770.

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