Japanese Long-Term Interest Rate Drops to 7-Yr Low

Tokyo, June 24 (Jiji Press)--Japan's key long-term interest rate
fell to its lowest level in nearly seven years in Tokyo trading early
Thursday morning.
The yield on the newest 308th 10-year Japanese government bond
issue with a 1.3 pct coupon was at 1.140 pct in interdealer trading, a level
unseen for a key yield since Aug. 18, 2003.
Late on Wednesday, the yield on the benchmark issue, considered a
key long-term rate in Japan, was at 1.165 pct.
Overnight, U.S. data showed the country's new home sales fell at
the fastest pace and hit their lowest level since the statistics began in
1963, triggering massive buying of U.S. Treasury securities.
In foreign exchange trading in Tokyo early Thursday morning, the
dollar stayed at levels near its one-month low of 89.73 yen.
At 9 a.m., the U.S. currency was quoted at 89.94-97 yen, down from
90.43-46 yen at 5 p.m. on Wednesday.