26 May 2005, 11:51  apanese government bond rices ended mostly softer for the first time in three trading days

Japanese government bond (JGB) prices ended mostly softer for the first time in three trading days, hit by profit-taking in the wake of a downturn in US Treasury prices, dealers said. "The late downturn of US Treasurys, the prices of which had previously supported local investors' appetite for JGBs, triggered profit-taking," said Masaaki Mizuno, a bond strategist at Dresdner Keinwort Wasserstein. In late US trading overnight, the yield on the 10-year US note was 4.072 pct, up from 4.04 pct late Tuesday. Daiwa SB Investment chief fund manager Masahiro Kami said investors turned cautious following sharp gains in JGB prices yesterday. The benchmark No 269 10-year JGB, which carries a 1.3 pct coupon, finished at 1.240 pct, after trading in a range of 1.220-1.240 pct. It stood at 1.225 pct late yesterday.

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