JGBs Mixed; May Track U.S. Treasurys
0019 GMT — JGBs are mixed, but may track overnight price gains in U.S. Treasurys. Both JGBs and Treasurys tend to move in tandem. For today, the Japanese Ministry of Finance's auction of 2.6 trillion yen in 10-year JGBs could be digested smoothly, Citi Research's Tomohisa Fujiki says in a research report. The underperformance of the 10-year yield on the curve and the level of the yield should be supportive, the rates strategist says. Investors may look to sell 30-year JGBs in a bull market and 5-year sovereign notes in a bear market, Fujiki adds. The 2-year JGB yield is unchanged at 0.825%; the 5-year yield is up 0.5bp at 1.045%; the 10-year yield is down 0.5bp at 1.400%. (ronnie.harui@wsj.com)
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