拍卖异常惨淡，日本国债遭“冷遇”，石破茂：日本财政状况不比希腊好

Group 1 - The core issue is the poor auction results for Japan's long-term government bonds, leading to record high yields and concerns over the Bank of Japan's ability to normalize monetary policy amid reduced bond purchases and lack of alternative buyers [1][2][3] - The bid-to-cover ratio for the new 20-year Japanese government bond auction was only 2.5 times, the lowest since 2012, indicating a significant lack of investor interest [1] - The tail difference, which measures the gap between the average price and the lowest accepted price, surged to 1.14, the highest level since 1987, reflecting weak market demand [1] Group 2 - The Bank of Japan currently holds 52% of the Japanese government bond market, making it the largest buyer, but concerns are growing about finding future buyers as the central bank reduces its bond purchases [2] - The rising yields in Japan are influenced by increasing U.S. Treasury yields and worries about how the Japanese government will fund new fiscal stimulus measures ahead of the July upper house elections [2] - The Bank of Japan has been gradually reducing its bond purchases since August 2024, with plans to lower the monthly purchase amount to around 3 trillion yen by early 2026 [3] Group 3 - Prime Minister Kishida's comments regarding Japan's fiscal situation being worse than Greece's have been linked to the recent rise in bond yields, suggesting that political statements can impact market perceptions [3] - Despite a record amount of long-term Japanese government bonds being purchased by foreign investors in April, their overall participation in the market remains low [2]