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JGBs end moderately higher after yen rebounds

TOKYO: Japanese government bond (JGBs) ended on Wednesday moderately higher after trading quietly throughout the day, with dealers focused more on a yen recovery across the board than the Nikkei's rise above 20,000.

The JGB market was also supported by bids in long-dated cash bonds from pension funds and public funds, who were said to be raising long-dated JGBs at the beginning of month.

Limited rise in futures due to market caution about possible sales from foreign operators, who were earlier seen to have sold JGB futures and bought stock futures.

Immediate resistance seen near 131.00, then at 131.30. June futures contract: ended at 130.92, up 0.11 point from on Tuesday after moving in a range of 131.04 and 130.54.

Yield of 219th on March 10-year cash JGB held at 1.820 percent, down 0.015 percentage point from on Tuesday. MOF said on Wednesday it will raise monthly FB issuance volume per auction to 3.3 trillion yen in March from current 2.7 trillion yen.-Reuters