日本30年期国债拍卖需求火爆创4年新高！收益率超3.4%获野村大举买入

Core Viewpoint - The strong demand for Japan's 30-year government bond auction indicates that investors are re-entering the market due to rising yields, providing some relief to a market anxious about potential interest rate hikes [1][2]. Group 1: Auction Results - The bid-to-cover ratio for the 30-year bond auction rose to 4.04, surpassing the previous auction and the average of the past year [1]. - The yield on the 30-year bond decreased by 3 basis points to 3.39% after the auction [1]. - The auction followed a solid 10-year bond auction earlier in the week, where yields reached attractive levels, encouraging buyers [1]. Group 2: Investor Sentiment - Ryutaro Kimura from AXA Investment Managers noted that the strong auction results likely stem from investors finding the yield above 3.4% acceptable for long-term bonds, suggesting a temporary easing of upward pressure on yields [2]. - The auction's tail, which indicates the difference between the average accepted price and the minimum accepted price, was 0.09, down from 0.27 the previous month, signaling solid investor demand [2]. Group 3: Market Reactions - Nomura emerged as the largest buyer, indicating participation from long-term investors [3]. - Other bond yields in Japan continued to rise, particularly short-term bonds sensitive to monetary policy changes, following hawkish comments from the Bank of Japan's governor [3]. - The benchmark 10-year bond yield increased by 3.5 basis points to 1.925%, while the 5-year bond yield slightly rose to 1.40% [3]. Group 4: Future Outlook - Investors are awaiting details on the government's next fiscal year's budget, particularly regarding any plans to reduce the issuance of ultra-long-term bonds [5]. - The government plans to increase short-term bond issuance to fund Prime Minister Kishida's economic initiatives, adding 300 billion yen to the issuance plans for 2-year and 5-year bonds, and increasing treasury bill supply by 6.3 trillion yen [5]. - Kimura cautioned that if overall issuance increases while calls for reduced supply of ultra-long-term bonds are unmet, the yield curve may steepen again [5].