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
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.