Sharply Higher JGB 30-Year Yields 'Fire Warning Shot for Belly Tenors,' DBS Says -- Market Talk

Dow Jones

May 21

0255 GMT - Sharply higher JGB 30-year yields "fire a warning shot for belly tenors," DBS Group Research's Eugene Leow says in commentary. "Stresses in ultra-long term JGBs provide another warning on what could happen if market participants fixate on fiscal issues," the senior rates strategist says. "It is worth reminding ourselves that it is Japan that has the worst government debt profile amongst the G-10," he says. A marked drop in bidding interest for Japan's 30-year auction held last week has driven a sharp selloff in ultra-long term JGBs, Leow notes. "However, we think that the belly tenors are becoming vulnerable," the strategist adds. 30-year yield is last at 3.110% after touching record intraday high of 3.14% on Tuesday, Quick data show. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

May 20, 2025 22:55 ET (02:55 GMT)

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A marked drop in bidding interest for Japan's 30-year auction held last week has driven a sharp selloff in ultra-long term JGBs, Leow notes. \"However, we think that the belly tenors are becoming vulnerable,\" the strategist adds. 30-year yield is last at 3.110% after touching record intraday high of 3.14% on Tuesday, Quick data show. (ronnie.harui@wsj.com) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 20, 2025 22:55 ET (02:55 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sharply Higher JGB 30-Year Yields 'Fire Warning Shot for Belly Tenors,' DBS Says -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSharply Higher JGB 30-Year Yields 'Fire Warning Shot for Belly Tenors,' DBS Says -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-05-21 10:55</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0255 GMT - Sharply higher JGB 30-year yields \"fire a warning shot for belly tenors,\" DBS Group Research's Eugene Leow says in commentary. \"Stresses in ultra-long term JGBs provide another warning on what could happen if market participants fixate on fiscal issues,\" the senior rates strategist says. \"It is worth reminding ourselves that it is Japan that has the worst government debt profile amongst the G-10,\" he says. A marked drop in bidding interest for Japan's 30-year auction held last week has driven a sharp selloff in ultra-long term JGBs, Leow notes. \"However, we think that the belly tenors are becoming vulnerable,\" the strategist adds. 30-year yield is last at 3.110% after touching record intraday high of 3.14% on Tuesday, Quick data show. (ronnie.harui@wsj.com) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 20, 2025 22:55 ET (02:55 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"RJAW.SI","symbol_name":"DBS MB ePW240902","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2537793156","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2537793156","pubTimestamp":1747796100,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0255 GMT - Sharply higher JGB 30-year yields \"fire a warning shot for belly tenors,\" DBS Group Research's Eugene Leow says in commentary. \"Stresses in ultra-long term JGBs provide another warning on what could happen if market participants fixate on fiscal issues,\" the senior rates strategist says. \"It is worth reminding ourselves that it is Japan that has the worst government debt profile amongst the G-10,\" he says. A marked drop in bidding interest for Japan's 30-year auction held last week has driven a sharp selloff in ultra-long term JGBs, Leow notes. \"However, we think that the belly tenors are becoming vulnerable,\" the strategist adds. 30-year yield is last at 3.110% after touching record intraday high of 3.14% on Tuesday, Quick data show. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"RJAW.SI":"DBS MB ePW240902","DBS":"Invesco DB Silver Fund"},"translate_title":"星展银行表示，日本国债30年期国债收益率大幅走高是“对肚皮男高音的警告”——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DBS":1,"RJAW.SI":1},"content_text":"0255 GMT - Sharply higher JGB 30-year yields \"fire a warning shot for belly tenors,\" DBS Group Research's Eugene Leow says in commentary. \"Stresses in ultra-long term JGBs provide another warning on what could happen if market participants fixate on fiscal issues,\" the senior rates strategist says. \"It is worth reminding ourselves that it is Japan that has the worst government debt profile amongst the G-10,\" he says. A marked drop in bidding interest for Japan's 30-year auction held last week has driven a sharp selloff in ultra-long term JGBs, Leow notes. \"However, we think that the belly tenors are becoming vulnerable,\" the strategist adds. 30-year yield is last at 3.110% after touching record intraday high of 3.14% on Tuesday, Quick data show. (ronnie.harui@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  May 20, 2025 22:55 ET (02:55 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}