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Japanese government bonds gained Friday after the country’s industrial production for the month of January, disappointed market participants, coming in lower than anticipations, thus increasing the demand for safe-haven assets.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, slipped nearly 1 basis point to 0.03 percent, the yield on the long-term 30-year note remained flat at 0.76 percent and the yield on short-term 2-year traded tad lower at -0.12 percent by 04:40 GMT.
Japan’s industrial production for the month of January came in lower than market expectations at -6.8 percent m/m, compared to estimates of and from the preliminary number of -6.6 percent m/m. however, on a y/y basis, it registered 2.5 percent, vs preliminary reading of 2.7 percent.
Meanwhile, the Nikkei 225 index traded 0.73 percent lower at 21,644.50 by 04:55 GMT, while at 04:00GMT, the FxWirePro's Hourly JPY Strength Index remained highly bullish at 126.24 (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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