Japan sells JPY 800bln 20-year JGBs; b/c 3.19x (prev. 4.10x, 12-month avg. 3.44x), average yield 3.2510% (prev. 2.916%)

• Tail 25bps (prev. 3bps)

Japan's recent auction of JPY 800 billion in 20-year JGBs saw a decline in demand, with a bid-to-cover ratio of 3.19x compared to the prior 4.10x and a 12-month average of 3.44x. The increase in average yield to 3.2510%, alongside a notable tail of 25bps, suggests weakening interest in longer-dated bonds, which could impact future pricing and investor sentiment in the fixed income market.