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Japanese government bond (JGB) yields on Tuesday tracked European yields higher, although a smooth five-year note auction capped the rise.

The 10-year JGB yield ticked up 0.5 basis point to 0.235% by 0515 GMT, but well below the Bank of Japan’s 0.25% implicit ceiling for the security, which it tested repeatedly last week.

The five-year yield rose 1 basis point to 0.075%, but that was down from Monday’s high of 0.85%.

Longer-tenor yields rose more, with the 20-year yield up 1.5 basis points at 0.930%, and the 30-year rising 3 basis points to 1.240%.

“Rising European interest rates are weighing on the market,” said Shinsuke Kajita, chief strategist at Resona Holdings’ market planning department. “The market environment is unstable with a strong sense of uncertainty.”

Yen fragile near 24-year low in BOJ aftermath, dollar treads water

Overnight, German bund yields rose sharply amid signs of broadening inflationary pressures and more hawkish comments from policymakers.

There was no trading in Treasuries because of a US market holiday.

The JGB market’s mood was buoyed somewhat by a smooth sale of 2.5 trillion yen ($18.51 billion) of five-year debt, which one market participant at a domestic securities firm said confirmed “solid demand” from investors.

The two-year JGB yield edged lower by 0.5 basis point to -0.070%, after starting the day up 1 basis point at -0.055%.

Benchmark 10-year JGB futures were down 0.07 point at 147.92, but after trimming declines from the morning of as much as 0.36 point.

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