The JGB yield curve steepens in early Tokyo trade amid some headwinds. The JGB curve has bear-steepened sharply this week on "concerns of a behind-the-curve BoJ and worries about [Japan's] fiscal outlook," two analysts at Barclays Securities Japan say in a research report. Hence, market participants are likely to continue waiting for details on fiscal spending, the analysts say, noting a possible Cabinet decision on the government's draft 'Basic Policy on Economic and Fiscal Management and Reform'. The five-year JGB yield is down 1 bp at 1.920%; the 10-year yield is up 2 bps at 2.800% after earlier touching 2.810%, its highest intraday level since October 1996, according to data provider Quick. (ronnie.harui@wsj.com)