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JGBs track Treasuries lower, moves limited before key events
May 2, 2017 / 3:57 AM / 7 months ago

JGBs track Treasuries lower, moves limited before key events

TOKYO, May 2 (Reuters) - Japanese government bond prices followed a slide by U.S. Treasuries and dipped on Tuesday, with caution ahead of the week’s key events limiting overall movements.

The 20-year JGB yield and the 30-year yield both rose half a basis point to 0.560 percent and 0.790 percent, respectively.

Super-long JGB yields nudged up after the U.S. Treasury yield curve steepened overnight, with the 30-year U.S. long bond yield spiking to a three-week high, after U.S. Treasury Secretary Steven Mnuchin reiterated his support for ultra long-term debt issuance.

Low liquidity constrained JGBs, with investors not inclined to move very much with Tokyo markets closed for three days from Wednesday for the Golden Week holidays.

Key events due to occur while the Tokyo markets are closed include the U.S. Federal Reserve’s monetary policy decision on Wednesday, a series of U.S. data releases leading up to Friday’s non-farm payrolls report, and the second round of the French presidential election at the weekend.

The benchmark 10-year JGB was untraded, reflecting the prevailing wait-and-see mood. (Reporting by the Tokyo markets team)

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