November 11, 2019 / 5:53 AM / a month ago

JGBs recover slightly after big sell-off last week

TOKYO, Nov 11 (Reuters) - Japanese government bond prices edged up on Monday, following a massive sell-off the previous week, helped by bargain hunting and as chaos in Hong Kong and concerns about the prospects of a U.S-China trade deal fuelled demand for safe-haven assets.

Benchmark 10-year JGB futures rose 0.11 points to 153.02, though trading volume was light. The futures fell 1.49 points last week, the biggest fall since October 2008.

JGBs gained as regional stocks faltered, hit by fresh violence in Hong Kong..

While the futures were bought back, the cash bond market saw limited moves, with many investors on the sidelines.

The 10-year JGB yield was flat at minus 0.065%, while the 20-year JGB yield was also unchanged at 0.295%.

The 30-year JGB yield rose 1 basis point to a a five-month high of 0.455%, while the 40-year yield rose 1.5 basis points to 0.485%.

The shorter end of the market was firmer, with the two-year yield falling 1.5 basis points to minus 0.195%.

The five-year yield fell 0.5 basis point to minus 0.190%.

The Bank of Japan maintained the size of its bond buying in on Monday, buying 420 billion yen of 1-3 year JGBs, 340 billion yen of 3-5 year bonds and 350 billion yen of JGBs with more than five to 10 years to maturity. (Reporting by Tokyo Markets Team; Editing by Aditya Soni)

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