Japan sells JPY 530bln 30-yr JGBs; b/c 3.66x (prev. 3.64x), and average yield 3.398% (prev. 3.615%)

• Lowest accepted price 99.90 vs prev. 96.80
• Average accepted price 100.02 vs prev. 96.91
• Tail in price 0.12 vs prev. 0.11

The auction of JPY 530 billion in 30-year JGBs showed slightly improved demand with a bid-to-cover ratio of 3.66x, slightly up from the previous 3.64x. Despite a lower average yield at 3.398% compared to 3.615%, the price acceptance suggests that the market remains poised for longer-duration exposure amidst the current rate environment. These dynamics may indicate a modest appetite for fixed income as investors seek yield while balancing interest rate risks.