June 28, 2019 / 5:17 AM / 4 months ago

JGBs edge higher as traders grow nervous before Trump-Xi meeting

TOKYO, June 28 (Reuters) - Japanese government bond prices edged higher on Friday as uncertainty whether the United States and China can avert an escalation of their trade war spurred demand for risk-free assets.

U.S. President Donald Trump is set to hold much-anticipated trade talks with Chinese President Xi Jinping at 11:30 a.m. (0230 GMT) on Saturday at a Group of 20 summit in the western Japanese city of Osaka.

Washington and Beijing have placed tariffs on each other’s goods in a bruising trade war, which has curbed global growth and pushed several central banks toward cutting interest rates.

A decline in Japanese shares on Friday also led some investors to shift money into debt and away from riskier assets.

Benchmark 10-year JGB futures rose 0.08 point to 153.82, approaching a record high of 154.13 reached on June 21.

Yields on 10-year cash bonds fell 1.5 basis points to minus 0.160%.

The 20-year JGB yield declined 1 basis point to 0.235%.

The 30-year JGB yield fell 1.5 basis points to 0.370%.

At the short end of the curve, yields on 2-year government bonds fell 1 basis point to minus 0.225%. (Reporting by the Tokyo Markets Team; Editing by Subhranshu Sahu)

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