Japanese government bonds firmed on Wednesday, as investors cover their short positions ahead of the outcome of the US Federal Reserve’s policy meeting later in the session, Reuters reported. The Fed is expected to hold steady at the end of its two-day meeting, which will be followed by a Fed Chair Janet Yellen’s news conference. The Bank of Japan’s purchases also underpinned the JGB market. The central bank offered to buy ¥450 billion ($3.97 billion) of 5-year to 10-year JGBs, ¥420 billion of 3-year to 5-year JGBs, and ¥400 billion of 1-year to 3-year JGBs under its massive asset purchase program.
