May 8, 2019 / 5:21 AM / 17 days ago

JGBs rise as weak equities boost safe-haven allure of debt

TOKYO, May 8 (Reuters) - Long-dated Japanese government bond (JGB) prices edged higher on Wednesday, as losses in Tokyo shares boosted the safe-haven appeal of debt.

The 20-year JGB yield and the 30-year yield dipped half a basis point each, to 0.355 percent and 0.535 percent, respectively.

The 40-year yield lost one basis point to 0.570 percent.

Ten-year JGB futures ticked up 0.05 points to 152.81, with a trading volume of 22,890 lots by late afternoon trade.

Wednesday’s 2.1 trillion yen ($19.10 billion) 10-year JGB auction drew steady demand from investors.

The bid-to-cover ratio, a gauge of demand, still slipped to 4.44 from 5.07 at the previous auction in April.

The benchmark Nikkei share average hovered near a five-week low in late afternoon trade on Wednesday, with fears of a breakdown in U.S.-China trade negotiations weighing on cyclical stocks. ($1 = 109.96 yen) (Reporting by Tokyo Markets team; Editing by Shreejay Sinha)

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