Lead 10-year JGB futures open mildly lower amid caution over increasingly rich price levels, which likely cap further upside; the December contract is last down 0.04 at 144.50, while the 10-year benchmark yield has been drifting towards a nine-year low of 0.720% this week. The auction of a new 20-year bond on Thursday is adding to the caution, says Mitsubishi UFJ Morgan Stanley Securities senior strategist Naomi Muguruma; "position adjustment (sales) are likely to weigh on the market later in the day." 10-year cash bonds have yet to change hands, with a 0.725%-0.730% yield band eyed for the day against 0.730% at the last quoted close Tuesday.
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