October 29, 2018 / 7:08 AM / in 17 days

JGB futures inch up to 3-month high; BOJ meeting, bond announcement awaited

TOKYO, Oct 29 (Reuters) - The key 10-year Japanese government bond futures contract edged up to a fresh three-week high on Monday as many investors opted to wait and watch ahead of the Bank of Japan’s policy meeting and announcement on its bond-buying plans, due later this week.

Ten-year JGB futures gained 0.08 point to 150.80, their highest level since July 31, with a trading volume of 39,696 lots.

The benchmark cash 10-year JGB yield was steady at 0.110 percent.

Super-long JGB yields retreated, with the 20-year , the 30-year and 40-year yields dropped half a basis point each to 0.625 percent, 0.855 percent and 1.015 percent, in that order.

Many investors opted to stay on the sidelines and wait until Wednesday, when the BOJ ends its two-day policy meeting and releases details of its monthly bond-buying plans for November. On Monday, Reuters reported the BOJ is considering tweaking its bond-buying operations to allow the JGB market to better reflect fundamentals, citing people familiar with the matter, following years of heavy central bank buying in the sector. (Reporting by Tokyo Markets Team; Editing by Sunil Nair)

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