Group 1 - The upcoming 10-year government bond auction in Japan is seen as a critical test of investor demand amid rising expectations for interest rate hikes by the Bank of Japan and ongoing political uncertainty [1][2] - The Bank of Japan is gradually reducing its large-scale bond purchases, leading to an increase in government bond yields, which have reached multi-year highs [1][2] - Recent bond auctions have shown weak demand, with the last 10-year bond auction demand falling below the 12-month average and the 2-year bond auction hitting a 16-year low [1][2] Group 2 - Market analysts suggest that the continuation of the interest rate hike cycle and the ongoing reduction in bond purchase scale will likely push bond yields higher, making investors cautious about buying at current levels [2][4] - The outcome of the ruling party's election review will influence whether lawmakers support an early leadership election, adding another layer of uncertainty to the market [2][4] - The Japanese Ministry of Finance is consulting primary dealers about further reducing the issuance of long-term bonds, which may impact market dynamics [4]
央行紧缩疑云叠加政治变数 日本10年期国债拍卖迎大考
Zhi Tong Cai Jing·2025-09-01 23:05