Japan sells JPY 649.4bln in 10yr, 20yr and 30yr JGBs in enhanced liquidity auction; b/c 2.98 vs. Prev. 2.95
- Highest accepted spread +0.046% vs. Prev. -0.014%
- Allotment of bids at highest spread 38.6792% vs. Prev. 2.5490%
Context
The recent auction by Japan’s Ministry of Finance reflects weaker demand, indicated by an increase in the highest accepted spread and a significant rise in the allotment of bids at that spread. This suggests a deteriorating appetite for JGBs at current yields, which could impact the broader interest rate outlook and investor sentiment towards fixed income in Japan.
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