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Japanese government bond yields flat after higher CPI data

·1 min read

Aug 19 (Reuters) - Japanese government bond yields were largely static on Friday as traders saw little reason to expect any change in the Bank of Japan's ultra-easy monetary policy despite new data showing the highest year-on-year rise in inflation in more than seven years.

The 10-year JGB yield was flat at 0.195%, and the five-year yield stayed at 0.000% after reaching that level overnight.

The two-year JGB yield went untraded.

Earlier in the day, government data showed Japan's core consumer price index rose 2.4% year on year, the highest rise since December 2014 and the fourth consecutive month above the BOJ's 2% target.

"As long as the BOJ doesn't change its position that the current inflation is temporary, we don't expect any change in monetary policy in the short term," said a market participant at a domestic securities firm.

"This is probably not going to be a factor that moves the market."

The BOJ is one of the only central banks worldwide not to hike interest rates this year to tackle rising inflation.

The 10-year yield is down 7 basis points from the six-year high of 0.265% reached ahead of the bank's meeting in June, though this week it has risen somewhat from last week's five-month low of 0.160%.

There was some movement in longer-term bond contracts on Friday. The 20-year JGB yield fell 1.5 basis points to 0.760%, and the 30-year yield fell 2 basis points to 1.075%.

The 40-year yield went untraded.

Benchmark 10-year JGB futures fell 0.04 point to 150.24. (Reporting by Sam Byford and Tokyo markets team)