Japanese bonds maturing in longer than 10 years rallied hard as investors sought the only government debt with yields above zero. Price swings for the nation’s sovereign debt erupted after BOJ Governor Haruhiko Kuroda surprised markets Jan. 29 by introducing a minus 0.1 percent deposit rate. Yields on 40-year notes dropped to an unprecedented 1.1 percent Tuesday before a government auction, down 20.5 basis points since the BOJ move, while 20-year yields have tumbled 26 basis points to a record 0.655 percent.

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