东京时间12：35揭晓：日本国债拍卖是否引发新一轮波动

Group 1 - The Japanese Ministry of Finance is set to auction 500 billion yen (approximately 3.5 billion USD) of 40-year bonds, which is seen as a significant indicator for the ultra-long-term bond market amid global sensitivity to Japanese bond yield fluctuations [1][2] - The Japanese bond market is currently experiencing a complex situation with pressures from the Bank of Japan's ongoing reduction in bond purchases and insufficient demand from institutional investors, compounded by concerns over fiscal deficits due to government spending expansion [1] - A dramatic fluctuation in the Tokyo market saw a 25 basis point drop in the 40-year bond yield in a single day, marking the largest recent decline, interpreted as a potential signal for the Ministry of Finance to adjust its bond issuance pace [1] Group 2 - The global bond market is closely monitoring the auction's ripple effects, with the Ministry of Finance's recent measures successfully lowering long-term bond yields across major economies from Europe and the US to Asia [1] - Market opinions are divided, with some analysts suggesting that the absolute yield levels and relatively low bond valuations could lead to better-than-expected auction results, while others caution about the risk of failed bids due to previous significant yield declines [1][2] - The Ministry of Finance has unusually distributed a survey to market participants before the auction to gather opinions on issuance scale and market conditions, indicating a need for policymakers to signal their awareness of long-term market dynamics [2]