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JGBs little changed ahead of election results, central bank meetings

TOKYO, Sept 14 (Reuters) - Japanese government bond prices were little changed on Monday in thin trade, as investors stayed away from taking big positions ahead of election results for the country’s ruling party to choose a successor to Prime Minister Shinzo Abe.

The two-year JGB yield was flat at minus 0.145%, while the 20-year JGB yield was unchanged at 0.395%.

Other benchmark cash bonds were untraded.

Benchmark 10-year JGB futures gained 0.05 point to 151.97, with a trading volume of 10,637 lots.

Japanese Chief Cabinet Secretary Yoshihide Suga is poised to become head of the ruling party on Monday and prime minister on Wednesday, succeeding Abe, the nation’s longest-serving leader.

Some market players said the market lacked trading incentives as they don’t expect to see radical changes in the next government. Suga, a long-time loyal aide to Abe, vowed to continue his policies.

Other risk events this week include the policy meeting of the Bank of Japan (BOJ), the U.S. Federal Reserve and the Bank of England.

The BOJ maintained the size of its JGB purchase on Monday and bought 10- to 25-year maturities worth 120 billion yen. (Reporting by Eimi Yamamitsu; Editing by Subhranshu Sahu)

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