Japan bonds tread water as wary investors await weekend election
held steady on Thursday as the market turned calm in the final run-up to potentially pivotal
upper house elections
, following a selloff earlier in the week that sent long-term yields to record peaks.
Recent polls suggest the ruling coalition is seen as increasingly unlikely to retain its majority, ceding more power to opposition parties backing
consumption tax cuts
as a way to ease the burden from rising
consumer prices
.
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Japan bonds tread water as wary investors await weekend election
Japanese government bonds stabilized as the market awaited upper house elections, following a selloff driven by concerns that the ruling coalition might lose its majority. This potential shift in power, favoring parties advocating consumption tax cuts, had previously pushed long-term yields to record highs.
RBI plans bond switch to ease redemption load
Central banks ramp up buying at euro zone bond sales
SBI board approves fundraising of up to Rs 20,000 crore via bonds; stock jumps 2%
Fixed income market outlook: why short-term bonds may outperform in 2H 2025
Browse all Bonds News with
The
fiscal implications
of a defeat for Ishiba in this Sunday's vote saw 20- and 30-year yields surge to record highs on Tuesday of 2.65% and 3.20%, respectively.
Those yields retreated sharply on Wednesday, though, and in the latest session, the 20-year yield remained flat at 2.57%, while the 30-year yield increased by 0.5 basis point (bp) to 3.07%.
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The 10-year yield eased 0.5 bp to 1.565%. It vaulted to its highest level since October 2008 at 1.595% earlier this week.
"The possibility of the ruling coalition losing its majority in this weekend's upper house election has already been mostly priced in, but it is unclear what the coalition framework will be after that," said Miki Den, a senior rates strategist at
SMBC Nikko Securities
.
"
Investors
are reluctant to take on new positions."
Benchmark 10-year JGB futures were flat at 137.96, after pushing to the lowest since March 28 at 137.70 on Wednesday.
Bond yields
move inversely to prices.
The five-year JGB yield and two-year yield each declined by 0.5 bp to 1.075% and 0.78%, respectively.
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