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JGBs edge higher on BoJ’s daily market operation; firm U.S. Treasuries support

Japanese government bonds gained on Friday after the Bank of Japan (BoJ) conducted a regular open market operation. Also, the firmness in the U.S. Treasuries supported the bond prices.

The yield on the benchmark 10-year Treasury note, which moves inversely to its price, fell 1/2 basis point to 0.049 percent, the yield on the long-term 30-year note declined 1-1/2 basis points to 0.757 percent and the yield on short-term 2-year slid 1/2 basis point to -0.153 percent by 03:30 GMT.

In the daily open market operation held on Wednesday, the Bank of Japan bought JPY250 billion of to 1-3 year JGBs, JPY330 billion worth of bonds of 3-5 years of maturity, JPY190 billion worth of bonds of 10-25 years of maturity and JPY80 billion worth of bonds over 25 years of maturity.

In the United States, Treasuries found upward pressure across the curve, during a relatively quiet session light on data of great significance. The 10-year Treasury note yield pulled back to 2.933 percent after rising to a four-year high of 2.957 percent earlier in the week.

Moreover, the nationwide core consumer price index, which includes oil products but excludes volatile fresh food costs, rose 0.9 percent in January from a year earlier, data showed on Friday. That compared with a median market forecast for a 0.8 percent rise and matched the pace for December. The headline inflation rose 1.4 percent last month, up from 1 percent seen in December.

Meanwhile, the Nikkei 225 index traded 0.41% higher at 21,826 by 03:40 GMT, while at 03:00GMT, the FxWirePro's Hourly JPY Strength Index remained slightly bearish at -80.21 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex

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