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TOKYO (MNI) - The supply of the new 30-year Japanese government bonds
auctioned Tuesday met firm demand, but September 10-year bond futures were
unaffected by the auction results.
The Ministry of Finance sold Y647.2 billion of the 30-year bonds, with the
lowest accepted price of 98.10, matching expectations of market players.
The tail stemming from the gap between the average and accepted lowest
prices widened to 0.10 from 0.09 at the previous auction in July. A smaller
number means that investor demand is stronger.
Immediately after the results, September 10-year bond futures traded at
150.23, up from 150.22 seen before the results.
At midday, September bond futures ended down 0.02 from Monday's close at
The new issue carries a coupon of 0.8%, unchanged from that for the current
Bids totaled Y2.5245 trillion, making the bid-to-cover ratio 3.90, up from
3.62 at the previous similar auction in July.
JGB investors who bought the new 30-year bonds at the auction are expected
to try to sell them at higher prices to the Bank of Japan on Wednesday, when it
is scheduled to conduct outright bond-buying operations.
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