不仅日债无人接盘，全球债市买家都在“罢工”

Group 1 - A concerning trend is emerging in the global bond market, with investors showing unprecedented indifference to expanding government borrowing plans across major economies [1] - Recent long-term government bond auctions have faced significant demand issues, with Japan's 30-year bond auction recording a bid-to-cover ratio of only 2.92, well below the 12-month average of 3.39, marking the lowest level in 2023 [1] - Similar weak demand has been observed in Australia and South Korea, indicating a broader trend of investor reluctance towards government bonds [1] Group 2 - The rising debt levels are diminishing the attractiveness of long-term bonds, as investors are increasingly hesitant to support government spending plans amid persistent inflation and uncertain interest rate environments [3] - The Bloomberg global long-term deficit indicator has surged to its highest level since 2008, reflecting the ambitious funding needs of governments worldwide [3] - Some governments are reconsidering their borrowing strategies in response to weak demand, with Japan conducting surveys to gauge market participants' views on bond issuance [3] Group 3 - Concerns are growing that the situation may lead to a repeat of the 2022 bond market turmoil in the UK, triggered by significant tax cuts proposed by then-Prime Minister Liz Truss [2][3] - The International Monetary Fund (IMF) projects that the debt-to-GDP ratio will increase for four out of seven G7 economies over the next five years, highlighting the pressure on bond investors [3]