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Japanese government bond prices were steady to slightly firmer on Tuesday, after an auction of 2.2 trillion yen ($19.8 billion) five-year government bonds attracted strong demand.

The auction drew bids 5.24 times the offer, the highest bid-to-cover ratio in 4-1/2-years, with the lowest price coming in higher than expected.

Following the tender, the five-year yield dipped 1.0 basis point to minus 0.090 percent, edging further away from its three-month high of minus 0.075 percent touched last week.

The 10-year JGB futures price also ticked up 0.04 point to 150.51 while the yield on the cash 10-year JGB was flat at 0.070 percent.

The market had no reaction to data showing Japan’s wholesale prices in December rose 3.1 percent from a year earlier, slightly less than expectations of 3.2 percent.

The data came a day after Bank of Japan Governor Haruhiko Kuroda made an upbeat assessment on the Japanese economy.