Short-term JGB yields rise after BOJ rate hike, long-term yields dragged down by Fed

Reuters

Short-term JGB yields rise after BOJ rate hike, long-term yields dragged down by Fed

2024 8월 1 일, 오전 2:57 GMT

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By Kevin Buckland

TOKYO, Aug 1 (Reuters) -The shortest-dated Japanese government bond yields climbed to fresh 15-year highs on Thursday, as the Bank of Japan's interest rate hike the previous day reverberated in the market.

However, longer-dated bond yields fell in sympathy with Treasury yields, after the Federal Reserve hinted overnight that U.S. rate cuts may be coming soon.

The two-year JGB yield JP2YTN=JBTC rose 1.5 basis points (bps) to 0.465% by 0234 GMT, a level not seen since December 2008.

The five-year yield JP5YTN=JBTC climbed 1.5 bps to 0.675%, the highest since November 2009, before retreating. It was last down 1 bp at 0.655%.

The BOJ's policy meeting schedule includes gatherings in September, October and December, "which leaves an opportunity for one further hike before the end of the year if the central bank decides that it wants to move at, say, every second meeting - and (BOJ Governor Kazuo) Ueda and his team are clearly of a mind to keep marching down the normalisation road," said Yasunari Ueno, chief market economist at Mizuho Securities.

The 10-year JGB yield JP10YTN=JBTC lost 3 bps to 1.025%, after equivalent U.S. Treasury yields US10YT=RR extended Wednesday's 3.6 bps slump by falling a further 5 bps in Asia time to stand around 4.055%.

Benchmark 10-year JGB futures 2JGBv1 rose 0.3 yen to 143.02 yen. Bond yields fall when prices rise.

The 20-year JGB yield JP20YTN=JBTC sagged 4.5 bps to 1.785%, and the 30-year yield JP30YTN=JBTC declined 3 bps to 2.14%.

Reporting by Kevin Buckland; Editing by Subhranshu Sahu

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Short-term JGB yields rise after BOJ rate hike, long-term yields dragged down by Fed

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