Reuters: Market News: JGBs slip after China data eases worries on economy

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JGBs slip after China data eases worries on economy Apr 2nd 2012, 01:41 TOKYO, April 2 | Sun Apr 1, 2012 9:41pm EDT TOKYO, April 2 (Reuters) - Japanese government bond prices slipped on Monday on the first day of Japan's new financial year, as investors took profits amid cautious optimism over the global economy after better-than-expected Chinese factory data. * June 10-year JGB futures fell 0.30 point to 141.71 while the yield on the 10-year cash bonds rose 2.0 basis point to 1.005 percent. * China's big factories were surprisingly busy in March as a stream of new orders lifted activity to an 11-month high, easing worries that the Chinese economy is heading for a sharper slowdown than policymakers would have wanted. * Japanese and Asian shares kept their momentum, with the Nikkei average rising about 1.0 percent to edge near a one-year high hit last week. * 10-year bonds were coming under pressure ahead of a 10-year JGB auction on Tuesday. As Japan's borrowing needs continue to rise, the offer of 10-year bonds will be raised to 2.3 trillion yen per month from 2.2 trillion yen currently. * A Reuters survey also showed on Monday the sentiment in the Japanese government bond market has dropped sharply as many participants expect profit-taking at the start of the financial year that began this week. * The market showed scant response to the Bank of Japan's tankan corporate sentiment survey, which showed the business mood among big Japanese manufacturers stood flat despite expectations of a small improvement.

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