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Key 10-year JGB yield rises to 5-month high on oversupply worries+
TOKYO, Nov. 9 (AP) - (Kyodo)—The yield on the benchmark 10-year Japanese government bond rose Monday to a five-month closing high as investors continued to sell amid worries about oversupply stemming from an anticipated increase in deficit-covering bond issuance.
The yield of the No. 303, 1.4 percent issue, a key indicator of long- term interest rates, ended interdealer trading up 0.025 percentage point from Friday's close to 1.470 percent, the highest benchmark yield since June 15. It briefly hit a five-month intraday high of 1.475 percent.
The price of the key December futures contract for 10-year bonds lost 0.18 point to 137.38 on the Tokyo Stock Exchange.
Investors were also reluctant to buy the safe-haven asset ahead of auctions for a five-year bond and a 40-year bond this week. Traders said bond selling may accelerate further if the five-year bond auction, which will see an increase in issue volume from this month, ends with poor results.
