May 8, 2018 / 4:21 AM / 18 days ago

JGBs dip on stronger equities; steady demand for new 10-yr bonds curb losses

TOKYO, May 8 (Reuters) - Japanese government bond prices dipped on Tuesday, weighed by stronger equities, although steady investor demand for new 10-year debt managed to curb the losses.

The five-year JGB yield rose 1 basis point to minus 0.105 percent.

The 10-year yield was half a basis point higher at 0.045 percent and the 30-year yield climbed 1 basis point to 0.735 percent.

Tuesday’s 2.2 trillion yen ($20.17 billion) 10-year JGB auction attracted demand from investors, with the Bank of Japan expected to conduct a regular debt-purchasing operation on Wednesday focusing on bonds of longer-dated maturities.

The bid-to-cover ratio, a gauge of demand, at the 10-year sale rose to 4.20 from 4.16 at the last sale in April.

Japan’s Nikkei rose 0.4 percent as tech shares rallied.

$1 = 109.0600 yen Reporting by the Tokyo markets team; Editing by Sunil Nair

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