June 10, 2014 / 2:41 AM / in 4 years

JGBs mostly edge down slightly

TOKYO, June 10 (IFR) - Japanese government bond prices mostly edged down on Tuesday, pushing up yields in the 9-year and longer zone.

As expected, the Bank of Japan refrained from offering to buy JGBs under its massive purchase scheme, as it normally does when the Ministry of Finance conducts a JGB sale.

The MOF carried out monthly 300 billion yen ($2.93 billion) liquidity enhancement auction for off-the-run 20-year, 30-year and 40-year JGBs.

Some domestic financial institutions who have not yet bought enough JGBs before the June 20 massive quarterly redemption were expected to buy superlong JGBs in Tuesday’s auction.

Cash trading activity was limited to transactions among dealers, according to JGB market participants.

At midday, the yield on current 20-year JGBs was up 0.5 basis point at 1.450 percent, while the 30-year yield added 1 basis point to 1.715 percent.

The current 5-year and 10-year JGBs had yet to be priced actively.

Ten-year lead June JGB futures moved in a range of 145.42 to 145.51 in the morning session before finishing at midday up 0.02 point at 145.49 ahead of Wednesday’s expiration. ($1 = 102.3500 Japanese Yen) (Reporting by Masatsugu Hisatsune; Editing by Richard Borsuk)

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