Japan’s 30-year bond sale sees weaker demand

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Japan’s 30-year bond sale sees weaker demand

The 30-year yield rose following the sale, and is trading 2.5 basis points up on the day at 3.865%. — Reuters

TOKYO: Japan’s 30-year government bond auction has drawn soft demand as sharp moves in the yield curve following a sell-off in artificial intelligence (AI)-related stocks damped investor risk appetite.

The bid-to-cover ratio at yesterday’s sale was 3.36, compared with 3.88 at the previous auction and a 12-month average of 3.6.

The 30-year yield rose following the sale, and is trading 2.5 basis points up on the day at 3.865%.

“The steepening of the Japanese Government Bond (JGB) yield curve, triggered by a risk-off move following the plunge in AI-related stocks, is believed to have caused significant losses for hedge funds holding flattening positions based on the assumption of Bank of Japan rate hikes,” said Ryutaro Kimura, senior bond strategist at BNP Paribas Asset Management.

“It is likely that the lower-than-average bid-to-cover ratio reflects the fact that these investors will need some time to recover their risk appetite and rebuild their JGB positions.”

Global bonds, including treasuries and JGBs, rallied last week as a sell-off in US technology stocks after the US mid-term elections drove investors toward haven assets.

The move pushed Japanese yields sharply lower across the curve, a further retreat from this year’s multi-decade highs. — Bloomberg

Source: Japan’s 30-year bond sale sees weaker demand (Wednesday, 11 Nov 2026) The Star. Retrieved from https://www.thestar.com.my/business/business-news/2026/11/11/japans-30-year-bond-sale-sees-weaker-demand

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Japan’s 30-year bond sale sees weaker demand

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