JGBs edge slightly higher after BoJ reiterates additional easing in March Summary of Opinions

Japanese government bonds edged slightly higher at the start of the trading week Monday after the Bank of Japan (BoJ) reiterated, in its March Summary of Opinions that it will continue to pursue quantitative easing if it fails to achieve the 2 percent inflation target.

The yield on the benchmark 10-year Treasury note, which moves inversely to its price, slipped to 0.04 percent, the yield on the long-term 30-year note also fell 1/2 basis point to 0.75 percent and the yield on short-term 2-year traded tad lower at -0.14 percent by 04:35 GMT.

At the March policy meeting, the BoJ kept monetary settings unchanged and its chief brushed aside speculation of an early exit from quantitative easing.

"There is no change in the judgment that it is necessary to continue pursuing powerful monetary easing with persistence so that highly accommodative financial conditions are maintained", Reuters reported, citing one board member.

One policy member said further that the yen strength and stock declines could curb capital expenditure and consumer spending, which could delay hitting the inflation target, the summary showed.

Meanwhile, the Nikkei 225 index traded nearly 1 percent lower at 21,476.50 by 04:40 GMT, while at 04:00GMT, the FxWirePro's Hourly JPY Strength Index remained highly bullish at 115.29 (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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