Key 10-Year JGB Yield Rises to 2.490 Pct

Tokyo, April 13 (Jiji Press)--The yield on the most recent issue of 10-year Japanese government bonds, regarded as the country's benchmark long-term interest rate, briefly rose to as high as 2.490 pct in Tokyo trading Monday.

The reading exceeded a peak of 2.440 pct in February 1999, when investors rushed to sell JGBs as they were taken aback by news that the Finance Ministry's now-defunct Trust Fund Bureau had decided to halt purchases of outstanding JGBs from the market, according to Japan Bond Trading Co.

The key JGB yield eased to 2.465 pct in late trading on the day.

JGBs came under selling amid inflation fears stoked by a surge in crude oil prices reflecting uncertainty over the ceasefire between the United States and Iran. The Middle East tensions also led to selling of Japanese stocks and the yen.

On the Tokyo Stock Exchange, the benchmark Nikkei 225 average slid 421.34 points, or 0.74 pct, from Friday to 56,502.77. The broader TOPIX index sagged 16.84 points, or 0.45 pct, to 3,723.01.

[Copyright The Jiji Press, Ltd.]