日本30年国债需求创六年新高 释放积极信号

Core Viewpoint - Japan's recent government bond auction indicates strong demand for long-term bonds, providing some relief amid recent yield fluctuations [1] Group 1: Auction Results - The 30-year government bond auction attracted the strongest demand in six years, showing sustained investor interest despite long-term yields being at multi-decade highs [1] - The bid-to-cover ratio was 4.04, significantly higher than the 3.12 from the last auction in November, marking the highest level since 2019 [1] - The auction produced a smaller tail of 0.09 compared to 0.27 in the previous month, indicating that investors are willing to accept yields closer to market clearing levels, suggesting a smoother price discovery process [1] Group 2: Market Implications - The strong results reflect a rebound in demand from both domestic institutions and overseas buyers, who still see value in the long end of the Japanese yield curve despite ongoing discussions about policy normalization by the Bank of Japan [1] - Following recent volatility triggered by speculation about the Bank of Japan tightening its policy, the robust demand may help stabilize long-term interest rates [1]