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AUSSIE 10-YEAR TECHS

(U2) More Stable But Still Fragile Longer Term

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AUSSIE 3-YEAR TECHS

(U2) Edging Lower

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     TOKYO (MNI) - The Bank of Japan moved on Tuesday to lower the scale of its
purchases of longer-end government bonds, such as those with a remaining life of
10 to 25 years, to curb lower yields.
     The scale of bond purchases was lowered to Y100 billion from Y120 billion
in a similar move on Oct. 30, but the scale of purchases of JGBs with a
remaining life of more than 25 years was left at Y30 billion.
     The decision was expected by some bond players, as BOJ Governor Haruhiko
Kuroda has said that the BOJ doesn't want to lower the super long-term interest
rates.
     He warned that lower rates will erode investment returns from longer-end
bonds issued by life insurance firms and pension funds, which in turn will
undermine consumer sentiment.
--MNI Tokyo Bureau; tel: +81 90-2175-0040; email: hiroshi.inoue@marketnews.com
--MNI Sydney Bureau; +61 405322399; email: lachlan.colquhoun.ext@marketnews.com
[TOPICS: MMJBJ$,M$A$$$,M$J$$$,M$$FI$,MN$FI$]

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