Lead December JGB futures open slightly lower on profit-taking after the contract hit an all-time high on Thursday; the contract is currently down 0.08 at 145.14. "Looking at domestic economic fundamentals, it is difficult to justify further yield declines," says Mitsubishi UFJ Morgan Stanley Securities senior strategist Shuji Tonouchi. Although a trend assessment on the coincident indicator for October, due 0500 GMT, is expected to be downgraded, recent production data show signs of a bottoming-out, he adds. The benchmark 10-year cash JGB yield is up 1.0 bp at 0.695% and is tipped in a 0.685%-0.705% band for the day.
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