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JGBs dip as Biden win boosts Tokyo shares, dents debt's appeal

TOKYO, Nov 9 (Reuters) - Japanese government bond (JGB) prices fell on Monday as Joe Biden’s victory in the U.S. presidential election eased political uncertainty, denting safe-haven debt’s appeal and propelling Tokyo stocks to a near three decade-high.

Democrat Biden clinched enough states to win the presidency, while President Donald Trump gave no sign of conceding and his campaign plans to hold a series of rallies to build support for the legal fights challenging the results.

Japan’s Nikkei hit an intraday high of 24,692.80 on Monday to reach its highest level since October 1991.

Benchmark 10-year JGB futures fell 0.04 point to 152.13, with a trading volume of 13,565 lots, while the 10-year JGB yield gained half a basis point to 0.020%.

The 20-year JGB yield rose 1 basis point to 0.400%.

The 30-year JGB yield climbed 1 basis point to 0.635%.

The 40-year JGB yield rose 2 basis points to 0.680%, near the four-month high of 0.685% it touched last week.

At the shorter end of the curve, the five-year yield stood flat at minus 0.120%.

Investors continue to eye developments on the still-undecided race for control of the U.S. Senate, and how the potential consequences for taxes, regulation and outlook for more stimulus could reflect on U.S. Treasury yields.

Meanwhile, the Bank of Japan on Monday maintained the size of its JGB purchase operations, buying 420 billion yen ($4.06 billion) of 5-10 year JGBs and 120 billion yen of 10-25 year notes. ($1 = 103.4700 yen) (Reporting by Tokyo markets team; editing by Uttaresh.V)

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