日本两年期国债拍卖遇冷、收益率应声上扬 市场押注央行加大加息力度

Group 1 - The demand for Japan's two-year government bonds is weak, leading to an increase in yields for this maturity, with the auction bid-to-cover ratio recorded at 3.26, lower than the previous 3.53 and the 12-month average of 3.65 [1] - The two-year government bond yield rose by 1 basis point to 1.11%, while the ten-year government bond futures opened high but subsequently declined [1] - The Bank of Japan recently raised its policy interest rate to the highest level in 30 years, but the governor did not provide clear guidance on future rate paths, contributing to a weaker yen and rising bond yields [1] Group 2 - The two-year government bond yield reached its highest level since 1996 earlier this week, while the ten-year breakeven inflation rate hit a record high since 2004 [3] - Japan's Finance Minister warned that the government has the freedom to take decisive measures against exchange rate fluctuations that do not align with economic fundamentals, which has somewhat eased the yen's depreciation and rising yield trend [3] - Investors are closely monitoring the bond issuance plan related to the fiscal year 2026 budget, which is expected to be approved by the cabinet soon, with suggestions to increase the issuance of two-year, five-year, and ten-year bonds while reducing the issuance of ultra-long-term bonds [3]