日本政府大动作：密谋削减超长期债券发行量！

Group 1 - Japan is considering reducing the issuance of ultra-long-term bonds to alleviate market concerns over the deterioration of government finances due to recent surges in bond yields [1][3] - The Ministry of Finance (MOF) plans to discuss adjustments to the bond issuance schedule for the current fiscal year, potentially including cuts to ultra-long-term bonds, with market participants in mid-June [1] - Following the news, the Japanese yen weakened, with the USD/JPY exchange rate rising above 143, while the 30-year Japanese government bond yield fell by 20 basis points to 2.835%, the lowest since May 8 [1] Group 2 - Societe Generale reported that measures must be taken to correct the long-term supply-demand imbalance in Japanese government bonds, which the market expects the MOF to address [3] - If the MOF reduces the issuance of 20-year, 30-year, or 40-year bonds, it may increase the issuance of short-term bonds, keeping the total planned issuance for the fiscal year ending March 2026 at 172.3 trillion yen (approximately 1.21 trillion USD) [3] - HSBC's strategist noted that without support from the Bank of Japan, the yield curve for Japanese government bonds may continue to steepen, influenced by potential fiscal measures ahead of the July Senate elections and recent plans by life insurance companies to reduce their holdings of Japanese bonds [3]