Group 1 - The core viewpoint of the articles indicates that the market is anticipating a potential interest rate hike by the Bank of Japan (BOJ) as early as October, leading to weak demand for the latest issuance of Japanese two-year government bonds, which saw the lowest demand since 2009 [1][3] - The bid-to-cover ratio for the two-year bonds dropped from 3.24 times before the auction to 2.81 times, significantly below the 12-month average of 3.79 times, reflecting a shift in market sentiment [1] - The yield on the two-year bonds rose by 1 basis point to 0.935%, marking the highest level since 2008, while the 10-year bond futures also turned from gains to losses [1][3] Group 2 - Two members of the BOJ's policy committee opposed the decision to maintain interest rates at the last meeting, intensifying speculation about an imminent rate hike [3] - Asahi Noguchi, a typically dovish BOJ member, indicated that the necessity to adjust policy rates is increasing, which the market interpreted as a sign that the BOJ is moving closer to a rate hike [3] - The Japanese government plans to increase the issuance of 1-5 year bonds in November, while also reducing the issuance of ultra-long-term bonds in upcoming liquidity enhancement tenders [3] Group 3 - The recent two-year bond auction has shown weak performance for the second consecutive time, suggesting that traders expect the BOJ to raise rates in October and are demanding higher yields as compensation for risk [4] - Potential candidates for the ruling Liberal Democratic Party leadership are taking stances that may influence the BOJ's policy decisions, with one candidate emphasizing the need for the central bank to independently determine monetary policy details [4] - The market is closely watching upcoming speeches from the BOJ's governor and deputy governor, as well as the short-term economic outlook survey, for new clues regarding the monetary policy path [5]
加息预期持续发酵 日本两年期国债拍卖再度遇冷
智通财经网·2025-09-30 06:48