Japan sells JPY 450.4bln 30-yr JGBs; b/c 3.12x (prev. 3.66x), and average yield 3.697% (prev. 3.398%)
- Lowest accepted price 99.85 vs prev. 99.90
- Average accepted price 100.03 vs prev. 100.02
- Tail in price 0.18 vs prev. 0.12
Context
Today's auction of 30-year Japanese Government Bonds (JGBs) saw weaker demand indicated by a drop in the bid-to-cover ratio from the previous auction, which reflects a decline in investor appetite. Furthermore, the average yield increased significantly, suggesting higher borrowing costs ahead, which could impact the broader yield curve and market sentiment towards Japanese debt.
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