JGB yields fall as auction draws strong demand

Japanese government bond (JGB) yields fell on Friday, tracking U.S. Treasury peers lower, after an auction drew solid demand.

The 10-year JGB yield (JP10YTN=JBTC) fell 0.5 basis point to 0.235% and the 20-year JGB yield (JP20YTN=JBTC) fell 2 basis points to 0.740%.

The auction for 20-year notes received bids worth 3.77 times the amount sold, higher than a bid-cover ratio of 3.10 at the previous auction.

"The auction results were good. There was demand from those who wanted to cover their short positions. Also the current yield level, which supported by downturn trend of overseas yields, was attractive," said a market participant at a domestic brokerage.

The 30-year JGB yield (JP30YTN=JBTC) fell 1.5 basis points to 0.990%.

The 40-year JGB yield (JP40YTN=JBTC) fell 1.5 basis points to 1.110%.

The two-year JGB yield (JP2YTN=JBTC) was flat at -0.060%.

The five-year yield (JP5YTN=JBTC) fell 0.5 basis point to 0.010%.

Benchmark 10-year JGB futures (2JGBv1) rose 0.17 point to 149.77, with a trading volume of 22,871 lots.

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