Group 1 - Concerns are rising over Japan's fiscal expansion as the Senate elections approach, leading to increased focus on the demand for long-term Japanese government bonds (JGB) and potential global financial market impacts [1][2] - The 20-year Japanese government bond yield has reached a 25-year high, with the 30-year yield also surpassing the critical 3% mark, reflecting investor anxiety over ongoing budget deficits [2][5] - Major institutional investors in Japan, including banks and insurance companies, are expected to be cautious in bidding for JGBs, awaiting the Senate election results and their implications for fiscal policy [5][6] Group 2 - The upcoming auction results for the 20-year JGB will be closely monitored, particularly the bid-to-cover ratio and tail value, which indicate investor interest and demand strength [6] - Recent adjustments to Japan's borrowing plans aim to curb rising yields, but market sentiment remains cautious, with expectations of continued upward pressure on yields [6][7] - The potential for a return of "term premium" in the bond market is highlighted, as rising yields in Japan could spill over into U.S. Treasury yields, leading to increased market volatility [7][8]
收益率冲顶+大选在即 全球投资者目光聚焦于日本! 屏息以待20年国债拍卖结果
智通财经网·2025-07-09 23:58