JGB Futures Rise; Market Likely to Track Gains in U.S. Treasurys
0006 GMT — JGB futures rise in early Tokyo session, with Japan's government bond market likely to track overnight price gains in U.S. Treasurys. Both JGBs and Treasurys tend to move in tandem. The Finance Ministry's auction today of 2.6 trillion yen in two-year sovereign notes may garner interest from investors, analysts say. 'Recent 2-year and T-bill auctions have cleared smoothly, or even drawn solid demand, and we expect a certain degree of collateral demand' at today's sale, SMBC Nikko Securities' Lisa Mochizuki says in a research report. Also, 'factoring in the fact that there's limited scope for 2-year yield to rise further ahead, we expect a solid result,' the junior analyst adds. Ten-year JGB futures are 0.31 yen higher at 139.26 yen. (ronnie.harui@wsj.com)
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