日债需求意外回暖 缓解大选前夕抛售压力

Group 1 - The 30-year Japanese government bond auction on February 5 showed strong demand, alleviating market concerns about long-term debt pressure ahead of the elections, with a bid-to-cover ratio of 3.64, significantly higher than the previous auction's 3.14 and above the 12-month average of 3.35 [1] - Following the auction results, Japanese government bond futures rose, indicating positive market sentiment [1] - The 10-year bond auction held earlier showed lukewarm demand, reflecting market worries about potential significant fiscal spending increases post-election [1] Group 2 - Public support for Prime Minister Fumio Kishida remains stable, with his ruling party expected to secure an absolute majority in the upcoming vote [1] - The depreciation of the yen has caused unease among investors, as Kishida highlighted the benefits of a weaker yen for exports, leading hedge funds to resume short positions on the yen [1] - Market participants are closely monitoring the election results for their potential impact on the Bank of Japan's interest rate hike trajectory, with January meeting minutes indicating a growing consensus among officials on the urgency of "timely rate hikes" due to the yen's depreciation affecting inflation [1]