July 10, 2020 / 7:45 AM / a month ago

JGB futures gain as Nikkei slides; super long yields rise

TOKYO, July 10 (Reuters) - Yields on super long Japanese government bonds rose on Friday as Tokyo stocks slipped on a surge in COVID-19 cases at home and abroad, enhancing the appeal of the safe-haven debt.

Benchmark 10-year JGB futures added 0.12 point to 152.22, on trading volume of 17,367 lots, the highest since June 15.

In the cash bond market, the 10-year JGB yield was unchanged at 0.015%.

The two-year JGB yield and the five-year yield inched down half a basis point each to minus 0.145% and minus 0.115%, respectively.

More than 60,000 new COVID-19 cases were reported across the United States, the largest single-day tally by any country in the pandemic so far, while some Asian cities such as Tokyo, Hong Kong and Melbourne have also seen an alarming spike in cases.

In contrast to the trend seen at the shorter end of the market, yields on super long JGBs rose on profit-taking ahead of the weekend.

The 20-year JGB yield inched up half a basis point to 0.395%.

The 30-year JGB yield added 1 basis point to 0.560%, while the 40-year JGB yield gained 1.5 basis points to 0.595%.

The Bank of Japan maintained the amount of buying in 1-3 year, 5-10 year and 25-40 year JGBs on Friday, as expected. (Reporting by Tokyo Markets Team Editing by Shri Navaratnam)

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