Benchmark JGBs edge down, dip-buying lifts superlong zone

TOKYO, July 13 Benchmark Japanese government
bonds edged down on Wednesday, but superlong yields were off
session highs as bargain-hunting emerged.

The 10-year JGB yield added half a basis point to minus
0.280 percent, while September 10-year futures
ended down 0.06 point at 153.63.

The 5-year JGB yield also added half a basis point to minus
0.355 percent.

The 30-year yield inched lower half a basis point to 0.125
percent, down from 0.165 percent earlier in the
session, while the 20-year yield was flat at 0.065 percent
, off its session high of 0.090 percent.

Earlier in the session, the Bank of Japan offered to buy 430
billion yen ($4.13 billion) of 5- to 10-year JGBs, 200 billion
yen of 10- to 25-year JGBs, and 120 billion yen of 25- to
40-year JGBs, under its asset purchase operations.

Investors remained focus on whether the BOJ will expand its
monetary stimulus at its policy meeting later this month,
especially after former U.S. Federal Reserve chair Ben Bernanke,
on a visit to Tokyo, told Japanese Prime Minister Shinzo Abe
that the BOJ has steps left available to support the economy.

“We don’t know what the BOJ will do next week, but until
then, people are reluctant to sell JGBs, overall,” said a chief
portfolio manager at a Tokyo-based asset management firm.

Japan’s top government spokesman said on Wednesday the
government was not considering “helicopter money” as an option,
denying a media report that its advisers were suggesting the
policy.

($1 = 104.1600 yen)

(Reporting by Tokyo markets team; Editing by Shri Navaratnam)

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