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The Japanese government bonds closed lower on Wednesday as investors await the release of the country’s retail sales and industrial production data for the month of May, scheduled to be released on June 26 and 27 by 23:50GMT respectively for further direction in the debt market.
At close, the yield on the benchmark 10-year JGB note, which moves inversely to its price, improved 7 basis points to -0.147 percent, the yield on the long-term 30-year edged 1-1/2 basis points higher to 0.360 percent and the yield on short-term 2-year jumped 12 basis points to -0.215 percent.
The United States Federal Reserve Chair Jerome Powell warned of “crosscurrents” with “apparent progress on trade turning to greater uncertainty and with incoming data raising renewed concerns about the strength of the global economy”, OCBC Treasury Research reported.
In a message consistent with the FOMC meeting last week, he reinforced that “if you see weakness, it’s better to come in earlier than later”. However, Bullard opined that a 50bp cut was unwarranted, the report added.
Meanwhile, the Nikkei 225 index closed tad -0.51 percent lower at 21,086.59, while at 06:00GMT, the FxWirePro's Hourly JPY Strength Index remained neutral at -77.67 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
