JGB yields rise on higher US yields, BOJ policy tightening expectation
TOKYO, Oct 18 (Reuters) -Japanese government bond (JGB) yields rose on Friday, tracking U.S. Treasury yields higher, while expectations for the Bank of Japan's (BOJ) policy tightening loomed as the local currency weakened.
The 10-year JGB yield JP10YTN=JBTC rose to as high as 0.975%, its highest level since Aug. 2, and was last up 1 basis point (bp) at 0.97%.
The 10-year U.S. Treasury yields climbed on Thursday after data pointed to an economy on solid footing, easing market expectations for Federal Reserve aggressiveness in cutting interest rates. US/
"JGB yields will follow U.S. yields as the market struggles to find domestic catalysts until the Oct. 27 election," said Miki Den, senior Japan rate strategist at SMBC Nikko Securities.
The expectations for the BOJ's interest increase loomed as the yen weakened, said Den.
Japan's new prime minister Shigeru Ishiba has called a general election on Oct. 27.
Japanese yen fell to 150 yen against the U.S. dollar for the first time since Aug. 1 overnight after data showed U.S. retail sales rose in September.
A weaker local currency raises import costs, which raises prices in Japan.
Data showed on Friday Japan's core consumer price index(CPI), which includes oil products but excludes fresh food prices, rose 2.4% in September from a year earlier, compared with a median market forecast for a 2.3% gain.
The two-year JGB yield JP2YTN=JBTC rose 0.5 bp to 0.435% and the five-year yield JP5YTN=JBTC rose 0.5 bp to 0.59%.
The 20-year JGB yield JP20YTN=JBTC rose 2 bps to 1.755%.
The 30-year JGB yield JP30YTN=JBTC rose 1.5 bps to 2.15% and the 40-year JGB yield JP40YTN=JBTC rose 0.5 bp to 2.435%.
Reporting by Junko Fujita; Editing by Janane Venkatraman
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