November 19, 2018 / 4:23 AM / a month ago

Longer-dated JGBs inch higher tracking U.S. Treasuries

TOKYO, Nov 19 (Reuters) - Longer-dated Japanese government bond (JGB) prices inched higher on Monday, tracking gains in U.S. Treasuries in the previous session.

The yield on benchmark 10-year cash JGBs dipped 0.5 basis point to 0.095 percent, trading at its lowest level since Aug. 28.

The 20-year JGB yield slipped 1.0 basis point to 0.620 percent while the 30-year JGB yield fell half a basis point to 0.850 percent.

The 10-year JGB futures contract hit a more than five-month high in mid-afternoon trade.

Ten-year JGB futures last traded 0.12 point higher at 151.07, their highest since May 30.

The Bank of Japan bought 350 billion yen ($3.11 billion) of JGBs with one- to three-year maturity and 400 billion yen of JGBs with three- to five-year maturity.

If the central bank maintains the latest buying size, its total purchases of one- to five-year JGBs will be cut to 3 trillion yen in November from 3.25 trillion in October.

On Friday, U.S. Treasury yields dipped after a top Federal Reserve official said U.S. interest rates are nearing the central bank’s estimates of a neutral level, suggesting that the current tightening cycle may soon end. ($1 = 112.7100 yen) (Reporting by Tokyo Markets team; Editing by Gopakumar Warrier)

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