Japanese government bond yields were subdued on Tuesday, as investors awaited central banks’ monetary policy meetings around the world this week and next. The benchmark 10-year note was flat at 0.23%. Shorter term yields fell slightly.

The two-year JGB yield dropped 1 basis point to -0.075%, and the five-year yield fell 0.5 basis point to 0.02%. Conversely, longer-term yields made gains across the board.

The 20-year JGB yield rose 2.5 basis points to 0.895%, the 30-year JGB yield gained 4.5 basis points to 1.245%, and the 40-year JGB yield rose 6 basis points to 1.425%.

JGB yields track US peers higher, equities rally weigh

“It looks like investors are reluctant to make moves ahead of this week’s central bank policy meetings in Japan and Europe and next week’s in the US,” said Shinsuke Kajita, chief strategist at Resona Holdings Inc in Tokyo.

The Bank of Japan is holding its monetary policy meeting on July 20-21 this week. Benchmark 10-year JGB futures rose 0.02 point to 149.31, with a trading volume of 8,423 lots.