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Newly issued 10-year government bonds have not been traded, 3 consecutive business days for the first time since March 1999 = Japan Mutual Securities | Reuters

On October 11, inter-dealer trading (on a Japan mutual securities basis) of newly issued 10-year government bonds, which is an indicator of long-term interest rates, failed to materialize on the Tokyo yen bond market for the second consecutive day on October 6 and 7. It is the first time that no transaction has occurred for three consecutive business days. This photo was taken in June 2017. (Reuters/Thomas White)

[TOKYO (Reuters)]-On the 11th, inter-dealer trading (based on Japan mutual securities) of newly issued 10-year government bonds, which is an indicator of long-term interest rates, did not take place on the Tokyo yen bond market on the 11th, continuing on the 6th and 7th. . It is the first time that no transaction has occurred for three consecutive business days.

On Sept. 20-21, 2009, the new 10-year maturity was not traded for two consecutive business days for the first time since it became a benchmark in March 1999.

In the market, “Many investors seem to think that 10-year bonds are overvalued due to the BOJ’s limit price operation. Demand other than selling to the BOJ through operations is scarce. Unless overseas interest rates decline, it will be difficult to establish a business. There is a possibility that this will continue,” said a bond sales representative of a domestic securities company.

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