日本国债价格延续涨势 20年期国债拍卖需求强劲

Core Insights - Japanese government bond prices continue to rise, supported by strong demand in the latest 20-year bond auction [1][2] - The bid-to-cover ratio for the auction was approximately 4.10, the highest level since May 2020, indicating robust demand [1][2] - The tail spread, which measures the difference between the average accepted price and the lowest accepted price, has significantly narrowed compared to the previous auction in November [1][2] Yield Summary - The yield on 5-year Japanese government bonds decreased by 2.5 basis points to 1.420% [1][2] - The yield on 10-year bonds fell by 3 basis points to 1.925% [1][2] - The yield on 20-year bonds declined by 3.5 basis points to 2.910% [1][2]