May 10, 2018 / 5:16 AM / a year ago

JGBs dip slightly on wariness about rising U.S. yields

TOKYO, May 10 (Reuters) - Japanese Government Bond prices dipped on Thursday as investors were cautious after U.S. bond yields have edged up on concerns about U.S. inflation following a spike in oil prices.

The market showed no response to Bank of Japan Governor Haruhiko Kuroda’s speech, which did nothing to change widespread expectations that the central bank’s policy will be on hold for the foreseeable future.

The 10-year JGB yield rose 0.5 basis point to 0.050 percent while the 20-year JGB yield also rose 0.5 basis point to 0.525 percent.

The five-year JGB yield rose 0.5 basis point to minus 0.100 percent.

Ten-year JGB futures were down 0.01 point at 150.80 in early afternoon trade after opening 0.04 point lower.

An auction of 400 billion yen inflation-linked 10-year JGBs attracted solid demand, producing bid-to-cover of 4.02, higher than 3.38 in the previous auction in February, underpinning the market. (Reporting by Tokyo markets team; Editing by Gopakumar Warrier)

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