July 11, 2019 / 5:58 AM / 2 months ago

JGB yields track Treasuries lower as Powell raises rate-cut hopes

TOKYO, July 11 (Reuters) - The benchmark 10-year Japanese government bond futures climbed on Thursday, after U.S. Federal Reserve Chairman Jerome Powell reinforced prospects for an interest rate cut later this month.

Ten-year JGB futures gained 0.08 points to 153.60, with a trading volume of 25,232 lots by late afternoon trade.

In the cash bond market, the yield on benchmark 10-year JGBs declined one basis point to minus 0.140%, after hitting a three-week high the previous day.

In the super-long zone, the 40-year yield and the 20-year yield also fell one basis point each to 0.380% and 0.220%, respectively.

The 30-year yield dropped 1.5 basis points to 0.350%.

Powell on Wednesday set the stage for the first U.S. rate cut in a decade at the end of this month, pledging to 'act as appropriate' to defend an economic expansion threatened by trade disputes and a global slowdown. (Reporting by Tokyo Markets Team; Editing by Rashmi Aich)

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