April 23, 2020 / 7:37 AM / a month ago

Super-long JGB yields fall on buying from domestic investors

TOKYO, April 23 (Reuters) - Long-dated Japanese government bond yields dipped to two-week lows on Thursday on buying by domestic investors after the start of their new financial year while short-term bonds benefited from solid results of the two-year bond auction.

The 20-year JGB yield fell 1 basis point to 0.305% while the 30-year JGB yield fell 2 basis points to 0.415%, both touching the lowest levels in two weeks.

The 40-year JGB yield fell 2.5 basis points to 0.420%.

Traders said Japanese institutional investors were buying super-long bonds, which still have positive yields, after their new financial year began on April 1.

At the shorter end, the two-year JGB yield fell 1 basis point to minus 0.155%.

The five-year yield fell 1 basis point to minus 0.130%.

Traders said two-year JGB auction attracted solid bids, with bid-to-cover rising to 5.43 from 4.28 in the previous auction last month.

The 10-year JGB yield was flat at minus 0.010%.

Benchmark 10-year JGB futures fell 0.02 points to 152.37, with thin trading volume of 8,299 lots. (Reporting by Hideyuki Sano)

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