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JGBs mostly higher as stocks slip, BOJ buying supports

Tuesday, 10 Dec 2013 | 11:57 PM ET

TOKYO, Dec 11 (IFR) - Japanese government bond prices were slightly higher on Wednesday against a backdrop of moderately firmer U.S. Treasuries overnight and weaker Tokyo stocks.

Buying by the Bank of Japan also lent support. As widely expected, the BOJ offered to buy 200 billion yen ($1.9 billion) in JGBs maturing in over 10 years under its massive JGB purchase programme.

The yield on the current five-year JGBs was unchanged from Tuesday at 0.195 percent ahead of Thursday's monthly auction of 2.7 trillion yen of five-year notes. The benchmark 10-year yield slipped 0.5 basis point to 0.660 percent.

In the superlong zone, the 20-year yield was flat at 1.520 percent, after touching 1.535 percent earlier, ahead of next Tuesday's monthly 1.2 trillion 20-year JGB auction. The yield on the new 30-year bonds edged up half a basis point to 1.710 percent, compared with the 1.704 percent average accepted yield in the previous session's auction.

Lead March JGB futures were up 0.15 point in afternoon trade at 144.16.