July 10, 2018 / 4:44 AM / 4 months ago

JGBs drop as equities extend gains, Treasuries weaken

TOKYO, July 10 (Reuters) - Japanese government bond prices dropped on Tuesday as equities extended gains and U.S. Treasuries slipped on the back of ebbing risk aversion.

The 10-year and 20-year JGB yields rose by a basis point each to 0.035 percent and 0.480 percent respectively.

The five-year yield was half a basis point higher at minus 0.115 percent.

The rise in the five-year yield was not as pronounced as those in the longer-date maturities as Tuesday’s 2 trillion yen ($18.00 billion) five-year auction attracted ample investor demand.

The bid-to-cover ratio, a gauge of demand, at the five-year sale rose to 4.87 from 3.88 at the previous auction in June.

Japan’s Nikkei share average rose to a 1-1/2-week high on Tuesday, thanks to a solid Wall Street performance and a weakening in the yen. The Nikkei was on track for its third day of gains. ($1 = 111.1100 yen) (Reporting by the Tokyo markets team; Editing by Sunil Nair)

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