法兴银行：日本国债供需失衡是疲软的主要原因

Core Viewpoint - The primary reason for the weakness in Japanese government bonds is the supply-demand imbalance, as stated by Société Générale [1] Group 1: Supply and Demand Dynamics - Stable auction supply and accelerated quantitative tightening have increased bond supply [1] - Domestic investor demand has weakened, while global term premiums have risen [1] Group 2: Market Performance - The auction amount for 20-year Japanese government bonds is at its lowest in nearly 40 years [1] - The yield on 30-year Japanese government bonds has reached unprecedented levels since the series began [1] Group 3: Future Outlook - The vulnerability of Japanese government bonds is expected to persist until changes occur in the Bank of Japan's bond purchasing plans, the Ministry of Finance's issuance structure, or an increase in demand [1] - However, these changes are unlikely to happen in the short term [1]