日本20年期国债收益率创1999年新高，今日拍卖面临财政忧虑大考

Group 1 - The Japanese government plans to introduce a food tax reduction policy, causing market turbulence and investor anxiety ahead of the upcoming 20-year government bond auction [1] - Bond prices fell sharply on Monday, leading to a significant rise in 20-year and longer-term bond yields to multi-year highs, with the auction results being a critical test of whether rising yields can offset concerns about the government's deteriorating fiscal situation [1] - Barclays Securities strategists highlighted the significant risk of expansionary fiscal policies appearing in party platforms ahead of the House of Councillors elections, which could lead to weak auction results [1] Group 2 - Recent polls indicate Prime Minister Suga's approval rating remains high at 67%, with 52% of respondents believing the ruling coalition should win a majority, although the formation of the "Center Reform Alliance" increases election risk [2] - The 20-year bond yield reached 3.265%, the highest level since 1999, with 30-year and 40-year bond yields also hitting record highs [2] - Investors are closely monitoring the Bank of Japan's policy decision on Friday for clues on future interest rate hikes, as policymakers are increasingly concerned about the yen's impact on inflation [2]