日债收益率跳涨，此前20年期国债标售结果不佳

Core Viewpoint - Japanese government bond yields surged due to concerns over demand for ultra-long bonds following a poor auction result for 20-year bonds [1] Group 1: Bond Market Reaction - The 10-year Japanese government bond yield increased by 4.5 basis points to 1.525%, marking the highest level since March 28 [1] - The 40-year bond yield rose by 10 basis points to 3.55%, the highest since the issuance of this maturity in 2007 [1] Group 2: Investor Sentiment - The poor auction results highlight ongoing supply-demand weakness in the ultra-long bond sector, raising concerns about who will step in to buy [1] - Brokers and investors appear reluctant to hold existing bonds, increasing the likelihood of a selling spiral that could extend from 20-year bonds to the 10-year and 30-year markets [1]