中金：美日债同步拍卖遇冷、利率上行，可能反映了当前全球流动性趋紧

Core Viewpoint - The recent auction results for 20-year U.S. Treasury bonds and Japanese government bonds indicate a tightening global liquidity environment, leading to increased market volatility and a simultaneous decline in stocks, bonds, and currencies in the U.S. market [1] Group 1: U.S. Treasury Bonds - On May 21, the 20-year U.S. Treasury bond auction saw a cold reception, with the winning yield surpassing 5% and the bid-to-cover ratio dropping to 2.46 [1] - The 10-year U.S. Treasury yield briefly exceeded the resistance level of 4.6%, reflecting heightened market concerns [1] Group 2: Japanese Government Bonds - On May 20, the auction results for Japanese government bonds were similarly weak, with the bid-to-cover ratio for the 20-year bonds falling to a historical low of 2.5 [1] - The 10-year Japanese government bond yield rose above 1.5%, indicating rising interest rates in Japan as well [1] Group 3: Market Implications - The simultaneous weak auction results and rising interest rates in both the U.S. and Japan suggest a potential spillover effect, where insufficient liquidity in the Japanese yen could exacerbate the ongoing volatility in U.S. stocks, bonds, and currencies [1]