TOKYO Jan 23 Japanese government bonds mostly
slipped on Wednesday, giving back some of the gains made in the
previous session when the Bank of Japan doubled its inflation
target to 2 percent and committed to open-ended asset purchases.
* Japan's central bank pledged to extend asset buying into
2014, with no time-limit and an initial plan to buy 13 trillion
yen in mostly short-term bills in that year.
* Some investors were disappointed that the open-ended
buying would not begin until 2014, but the scope of the measures
was greater than many had expected. JGBs were underpinned by
expectations that the BOJ will have to take more easing steps
and buy more assets to try to achieve its inflation target.
* "There was feeling that the BOJ isn't going to do much in
the near-term, but overall, their commitment to easing is
supportive for JGBs, particularly short- and medium-term
maturities," said a fixed-income fund manager at a Japanese
trust bank in Tokyo.
* The 10-year JGB yield added 1 basis point
to 0.740 percent, while benchmark 10-year JGB futures
slipped 0.13 point to 144.32 in morning trade.
* The 30-year bond was the session's only gainer so far, its
yield creeping down half a basis point to 1.965
Superlong maturities came under pressure in the previous
session on fears that the aggressive monetary policy will
trigger inflation in the long term, and also on supply concerns
ahead of a 20-year sale on Thursday.
The 20-year yield rose half a point to 1.745
* The five-year yield added 1 basis point to
0.155 after drooping as low as 0.140 percent on Tuesday, the
lowest recorded since Japan started issuing 5-year bonds in