日债暴力反弹！周三关键拍卖前夕，日本财政部罕见“摸底”债市

Group 1 - The Japanese Ministry of Finance is considering adjustments to its bond issuance plan for the current fiscal year ending March 2026, potentially including a reduction in the issuance of ultra-long-term bonds [1] - A survey questionnaire was sent to market participants regarding the appropriate issuance scale of government bonds, indicating a strong policy signal from the Ministry of Finance [1] - Following the news, the yield on Japan's 20-year government bonds dropped significantly by 17.5 basis points to 2.37%, down from 2.6% the previous week [1] Group 2 - The recent poor demand in a 20-year bond auction has prompted the Japanese Ministry of Finance to reassess its bond issuance strategy, marking the weakest demand in over a decade [10] - Market attention is now focused on the upcoming 40-year bond auction, where weak demand could further increase yields and accelerate selling pressure, while strong demand could provide short-term stability [11]