日本30年期国债标售表现平平，全球长债抛售何时休？

Group 1 - Global long-term bonds are under pressure, with developed markets like the US, UK, Japan, and France seeing long-term yields reach multi-year highs, including the UK 30-year bond yield hitting its highest level since 1998 and the US 30-year bond yield approaching 5% [1] - Japan's recent 30-year bond auction showed a bid-to-cover ratio of 3.31, slightly below the 12-month average of 3.38, providing temporary relief to the global bond market amid rising government spending [1][2] - The results of the Japanese bond auction led to buying across all maturities, causing long-term bond yields to retreat from decades-high levels, although analysts caution this is a tactical relief rather than a trend reversal [2][3] Group 2 - Concerns over high and rising fiscal deficits across countries are driving the demand for higher yields from long-term bond investors, with analysts noting that the increase in yields is primarily due to rising real rates rather than inflation fears [2][7] - The recent auction results improved market sentiment, but indicators still show cautious attitudes, with the tail spread widening slightly from the previous auction [6] - Political uncertainties, particularly regarding the ruling Liberal Democratic Party's potential leadership changes, are complicating the outlook for monetary policy and contributing to ongoing volatility in the bond market [7][8]