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Stronger In a Range

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Weaker In A Range

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Ending The Week On A Soft Note

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Bearish Risk Growing

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Stronger, But Still Vulnerable

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SP500 PE Ratio vs. CPI Inflation

     TOKYO (MNI) - The results of the new two-year Japanese government bonds
auctioned Thursday were slightly better than expected, but September 10-year
bond futures were little influenced by the auction results.
     Immediately after the results, September bond futures traded at 150.26,
little changed from the level before the results.
     September 10-year bond futures at midday closed up 0.13 from Wednesday's
close at 150.24.
     The tail stemming from the gap of between the average and accepted lowest
prices widened to 0.002 from 0.001 at the previous auction in June. A smaller
number means that investors' demand for the bonds is stronger.
     The Ministry of Finance sold Y1.7993 trillion of the two-year bonds, with
the lowest accepted price of 100.430, higher than 100.425 expected by market
players.
     The new issue carries a coupon of 0.1%, unchanged from that for the current
two-year issue.
     Bids totaled Y9.6197 trillion, making the bid-to-cover ratio 5.35, down
from 6.79 at the previous similar auction in June.
     JGB investors who bought the new two-year bonds at the auction are expected
to try to sell them at higher prices to the Bank of Japan on Friday, when it
conducts outright bond-buying operations.
--MNI Tokyo Bureau; tel: +81 90-2175-0040; email: hiroshi.inoue@marketnews.com
--MNI Beijing Bureau; +86 (10) 8532-5998; email: vince.morkri@marketnews.com
[TOPICS: M$A$$$,M$J$$$,M$$FI$,MN$FI$]