March 2, 2018 / 3:27 AM / 18 days ago

JGBs gain as Trump's tariff plan unnerves stock market

TOKYO, March 2 (Reuters) - Japanese government bond prices rose across the board on Friday after U.S. President Donald Trump’s plan to impose tariffs on steel and aluminium unnerved the global equity market and enhanced demand for safe havens.

The five-year JGB yield fell half a basis point to minus 0.120 percent, the 10-year yield declined half a basis point to 0.045 percent and the 30-year yield dropped 1 basis point to 0.740 percent.

Buoying JGBs, Japan’s Nikkei slumped 2.8 percent as Trump’s tariff plan raised the spectre of a global trade war.

Bonds were also supported as the Bank of Japan conducted a regular debt buying operation on Friday. The central bank offered to purchase 1.03 trillion yen ($9.71 billion) of one- to 10-year JGBs.

$1 = 106.0400 yen Reporting by the Tokyo markets team; Editing by Sunil Nair

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