TOKYO: Japanese government bond yields dropped on Friday after the detection of a new coronavirus variant prompted investors to rush towards safe-haven assets. While little is known of the variant, detected in South Africa, scientists said it has an unusual combination of mutations and British authorities worry it could be less effective against vaccines.

As stock prices plunged on the news, JGB yields dropped, with the 10-year JGB yield falling 1 basis point to 0.070%. The 20-year JGB yield fell 0.5 basis point to 0.470% while the 30-year yield dropped 0.5 basis point to 0.675%. At the shorter end, the five-year yield fell 0.5 basis point to minus 0.080%. Benchmark 10-year JGB futures rose 0.18 point to 151.72.