5-Yr Japan Govt Note Yield Falls to Near 7-Yr Low

Tokyo, June 7 (Jiji Press)--The five-year Japanese government note
yield fell to its lowest level in nearly seven years Monday amid growing
risk aversion.
The yield on the latest 88th issue with a 0.5 pct coupon briefly
slipped to 0.365 pct, down 0.02 percentage point from late Friday, hitting a
level unseen since August 2003 for a key five-year note.
The euro's sharp decline and falls in global stock prices amid
emerging worries about Hungarian debt fueled a safe-haven bid for lower-risk
Japanese government debt, an official of a bank-affiliated brokerage firm
said.
Japanese government debt has been already bought well on
speculation that Prime Minister-designate Naoto Kan would put pressure on
the Bank of Japan to take additional credit easing steps.