TOKYO, Dec 24 (Reuters) - Japanese government bond prices dipped on Thursday as Tokyo stocks firmed and dented the allure of safe-haven debt.
The benchmark 10-year JGB yield rose a basis point to 0.280 percent, pulling away from an 11-month low of 0.265 percent plumbed last week after the Bank of Japan announced that it would increase the average remaining maturity of its JGB holdings.
The JGB market took in stride news that the Ministry of Finance will auction less bonds to the market next fiscal year, as the move was well anticipated.
Thanks to tax revenues that are estimated to be the highest in a quarter of a century, the finance ministry will issue less JGBs for the third straight year.
The ministry will slightly increase the amount of 40-year JGBs it issues in the fiscal year starting in April 2016 while decreasing issuance amounts of 20-year, five-year, two-year and one-year debt.
The Nikkei firmed following three straight days of losses as sentiment improved slightly on rebounding oil prices, which drove a rally on Wall Street.
(Reporting by the Tokyo markets team; Editing by Jacqueline Wong)