TOKYO, March 28 (Reuters) - Benchmark Japanese government bonds edged down slightly on Tuesday in the waning days of this fiscal year, taking their cue from a stock market recovery.
The benchmark 10-year JGB yield added 0.5 basis point (bp) to 0.060 percent, while 10-year JGB futures ended down 0.02 point at 150.45.
The Nikkei stock average rebounded from its lowest in more than six weeks, hit in the previous session, to end up 1.1 percent, just before Japan’s fiscal year comes to an end on Friday.
Results of Tuesday’s auction of the JGBs were largely in line with expectations, which underpinned the superlong zone.
The 20-year JGB yield fell 1 basis point to 0.625 percent, while the 30-year JGB yield fell 1.5 bp to 0.820 percent.
A summary of opinions from the Bank of Japan’s March 15-16 policy meeting released earlier this week suggested that at least one policymaker was concerned about potential pitfalls of the central bank’s current “yield curve control” policy.
Last month, the BOJ bought substantially more government debt to cap a rise in JGB yields, which suggests the bank could be forced to purchase a large amount of government debt in the future to achieve its yield target, the member said. (Reporting by Tokyo markets team; Editing by Sherry Jacob-Phillips)