May 30, 2018 / 5:14 AM / 3 months ago

JGBs gain as Italy upheaval drives demand for safe-haven debt

TOKYO, May 30 (Reuters) - Japanese government bond prices rose across the board on Wednesday as an unfolding political crisis in Italy drove investor demand for safe-haven debt.

The five-year JGB yield fell half a basis point to minus 0.125 percent and the 10-year yield was also half a basis point lower at 0.025 percent.

The 30-year yield declined 2 basis points to a six-week low of 0.695 percent.

Super-long JGBs also drew demand from index-following investors, who tend to extend the duration of their bond portfolios at the turn of each month.

Japan’s Nikkei fell to a six-week low amid the global market turmoil, supporting JGBs. (Reporting by the Tokyo markets team; Editing by Sunil Nair)

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