April 26, 2018 / 5:38 AM / a month ago

JGBs retreat, 10-year yield hits 7-week high

April 26 (Reuters) - Long-term Japanese government bonds edged lower on Thursday, pressured by the weak tone of U.S. Treasuries, triggering a rise in the benchmark 10-year JGB yield to its highest levels in more than seven weeks.

The lead June 10-year JGB futures contract set a 2-1/2 month low of 150.39, and was last down 0.10 point on the day at 150.45.

The weakness in JGB futures and the soft tone of U.S. Treasuries in Asian trade, helped weigh on cash JGBs, according to one market participant.

The U.S. 10-year Treasury yield stood at 3.0297 percent in Asian trade, edging up slightly from the U.S. close on Wednesday of 3.024 percent. The U.S. 10-year yield had hit a four-year high of 3.035 percent on Wednesday.

In the JGB market, the 10-year JGB yield rose 1.5 basis point to 0.070 percent, reaching its highest level since March 2.

The 20-year JGB yield rose 2 basis points to a seven-week high of 0.555 percent, and the 30-year JGB yield climbed 2.5 basis points to 0.765 percent, rising to levels last scaled on March 2. (Reporting by Tokyo markets team; Editing by Sam Holmes)

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