April 23, 2018 / 6:37 AM / 5 months ago

JGBs trim losses, supported by bargain hunting

SINGAPORE, April 23 (Reuters) - Japanese government bonds trimmed earlier losses on Monday, supported by bargain hunting after an initial sell-off triggered a rise in 10-year and 20-year JGB yields to seven-week highs.

JGBs came under pressure earlier in the session, tracking losses in U.S. Treasuries. This led to a rise in longer-term JGB yields, with the benchmark 10-year yield touching a peak of 0.065 percent, the highest since March 2.

The 20-year JGB yield climbed as high as 0.550 percent at one point, matching a level last recorded on March 5.

JGBs later regained their footing, with market participants citing buying on dips by domestic players, especially in super-long bonds.

The lead June 10-year JGB futures contract edged up 0.05 point to 150.63, having recovered from a 2-1/2-month low of 150.43 set earlier on Monday.

The 10-year JGB yield was last steady on the day at 0.055 percent. The 20-year JGB yield was 0.5 basis point higher on the day at 0.535 percent, but down from the seven-week high set earlier on Monday. (Reporting by Tokyo markets team, Editing by Sherry Jacob-Phillips)

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