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Abiding geopolitical uncertainty and a sub-par lead-in from stocks on Wall Street proved a boon for major government bonds in the Asia Pacific region on Wednesday, which were gaining across the board.
The yield, which moves in the opposite direction to price, on Japan’s benchmark 10-year government bond fell below zero for the first time since mid-November, with that on the March 2027 JGB falling as much as 9 basis points to minus 0.004 per cent.
Yield on 10-year Australian government bonds was 4bp lower at 2.444 per cent, while that for the 10-year South Korean note was down 3bp at 2.131 per cent.
US Treasuries were paring back sharp gains from the Tuesday session, with yield on the 10-year note up 1bp at 2.179 per cent after dropping 8bp the session prior.