日本10年期国债利率:1.315%
日本20年期国债利率:2.140%
日本30年期国债利率:2.324%
TOKYO—Japanese government-bond yields edged higher Monday as investors preferred to pick up riskier assets due to buoyant Tokyo shares, but the move was limited by hopes for further monetary easing by the Bank of Japan.
Speculation has grown that the central bank may further ease monetary conditions after local media reported Friday that the bank would likely start discussion on that issue this month and make a decision by late April.
"The JGB yield curve is likely to be directed toward steepening" in the near term, said Makoto Yamashita, a strategist at Deutsche Securities. "Superlong yields are unlikely to decline until the market goes through [Tuesday's] 30-year tender and next week's 20-year auction, and players won't sell short- and medium-term bonds before they see the outcome of a BOJ policy board meeting" on March 16-17, he added.
The yield on benchmark 10-year cash bonds was up 0.01 percentage point at 1.315%.
Some analysts are concerned about investor demand at the Ministry of Finance's sale of 600 billion yen ($6.64 billion) of 30-year government bonds Tuesday, as the zone's supply-and-demand conditions have loosened. The ministry is selling 30-year notes for three straight months—in February, March and April—for the first time ever.
But "it would be a good buying chance if the auction result turns out poor," said Katsutoshi Inadome, a strategist at Mitsubishi UFJ Securities. "The market potentially has room to absorb [superlong bonds] because, when the government increased debt issuance in April and October, supply in medium- and long-term zones was raised, but the superlong-zone didn't see any sharp increases," the strategist said.
The yield on 30-year cash government bonds rose 0.005 percentage point to 2.325%. The coupon for the new 30-year issue is expected to be set at 2.3%, higher than current note's 2.2%
The 20-year yield rose 0.015 percentage point to 2.140%. The two-year yield was flat at 0.140%, while the five-year yield rose 0.005 percentage point to 0.470%.
Write to Megumi Fujikawa at megumi.fujikawa@dowjones.net |