Lead December JGB futures open slightly lower, but analysts say the market is likely to be caught between buying and selling pressure as it remains top-heavy; the contract is currently down 0.06 at 144.77. "It's the end of the month and the weekend," says SMBC Nikko Securities chief bond strategist Hidenori Suezawa, citing duration lengthening by bond indexes supporting end-of-month demand, while being offset by position unwinding ahead of the weekend. "The 10-year yield is approaching the 0.70% turning point, making it top-heavy," he notes. The 10-year yield is currently up 0.5 bps at 0.715%.
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