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TOKYO, Feb 28 (IFR) - JGBs softened on the back of sudden selling in 10-year maturities, surprising participants who had been expecting a firm market on the Bank of Japan's buying and hopes of month-end purchases by investors.
JGB futures dipped 0.05 point to 145.10, after opening firmer at 145.22 following gains in the U.S. debt market the previous day after a strong auction results as well as concerns over Ukraine.
The March JGB futures were unable to extend gains beyond resistance at 145.24, the November high, for the second day in a row.
Pension funds sold the 10-year maturities, shifting to the shorter end of the curve, market sources said.
In the cash bond market, the 10-year yield rose 0.5 basis point to 0.590 percent, while the five-year yield was flat at 0.180 percent..
The market showed no reaction to a series of Japanese economic data published early on Friday, including slightly higher-than-expected industrial output and consumer inflation.