日本30年期国债拍卖需求弱于过去12个月平均水平

Core Viewpoint - The demand for Japan's 30-year government bond auction was weaker than the average level of the past 12 months, reflecting concerns over fiscal stability and rising interest rates [1] Group 1: Auction Demand - The bid-to-cover ratio was 3.14, lower than the previous auction's 4.045 and below the 12-month average of 3.405 [1] - The tail, which indicates the difference between the average winning price and the lowest winning price, was 0.15, higher than last month's 0.09, signaling weak investor demand [1] Group 2: Fiscal Concerns - Ongoing concerns about fiscal stability and interest rate hikes have led to an increase in long-term yields [1] - The Japanese Ministry of Finance announced plans to reduce the issuance of ultra-long-term bonds starting in the fiscal year beginning in April, in response to requests from primary dealers [1] Group 3: Market Reactions - Traders remain cautious about the fiscal expansion stance of Prime Minister Fumio Kishida [1] - Despite the Bank of Japan raising policy rates to a 30-year high in December, the yen continues to weaken, raising concerns that the central bank may need to take more aggressive measures to curb currency depreciation and control inflation [1]