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Benchmark JGB yields rise amid concern about increased issuance

·1 min read

TOKYO, Oct 26 (Reuters) - Benchmark Japanese government bond yields rose on Tuesday, as investors contemplated the possibility of increased issuance under Prime Minister Fumio Kishida.

The 10-year JGB yield rose 0.5 basis point to 0.100%, hovering at levels last seen in April despite an easing in yields on equivalent U.S. Treasury notes.

Benchmark 10-year JGB futures fell 0.10 point to 151.13, with a trading volume of 20,730 lots.

The five-year yield rose 1 basis point to minus 0.060%, while the two-year yield was flat at minus 0.110%.

Newspaper polls predict the ruling Liberal Democratic Party will keep a majority in upcoming lower house elections on Oct. 31, but Kishida's party suffered an unexpected setback over the weekend with a loss in a closely watched by-election.

Kishida has pledged heavy spending for the economy, which would mean more borrowing for an already heavily indebted government.

The Bank of Japan is expected to maintain ultra-easy policy settings when it concludes a two-day meeting on Thursday.

Despite the rise in the centre of the yield curve, superlong yields fell with market participants pointing to dip buying by some investors.

The 30-year yield fell 0.5 basis point to 0.700%, and the 40-year yield fell 1.5 basis points to 0.750%.

The 20-year JGB yield was flat at 0.490%. (Editing by Giles Elgood)

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