智通财经APP注意到，日本国债价格上涨，此前20年期国债拍卖获得五年来的最佳需求比率，因收益率 上升吸引了投资者。 周四拍卖的认购倍数从上月的3.28升至4.1。衡量需求的另一指标——尾部利差也创下2023年以来最强劲 水平。各期限收益率全线下行，其中20年期收益率下跌4.5个基点至2.9%。 SMBC日兴证券高级利率策略师Miki Den表示："由于收益率升至历史高位、对下财年发债计划缩减的 预期以及前一日美债收益率下跌，此次拍卖结果非常强劲。"他补充称，日本超长期国债收益率今年的 高点可能已经出现。 在美联储周三连续第三次会议降息25个基点，并为2026年进一步放宽政策敞开大门后，全球债券前景也 有所改善。 法国农业信贷银行亚洲证券宏观策略师Ken Matsumoto表示："20年期日债拍卖再次表明，当前收益率水 平对投资者具有足够吸引力，因为整条收益率曲线目前都交易在周期高位附近。" 他表示，日本央行紧缩政策和财政担忧很大程度上已被市场消化，同时补充称"美联储不及预期鹰派的 立场可能为债券提供了一些支撑。" 此次日本财务省2025年最后一次长期债券拍卖，是在上周30年期债券发行也获得多年来最强劲需求后进 ...

Core Points - The U.S. Treasury auctioned $22 billion in 30-year bonds, showing strong demand, particularly from overseas buyers [1] - The winning bid rate for the 30-year bonds was 4.844%, the highest since January, and lower than the pre-auction rate of 4.859% by 1.5 basis points [1] - The auction's bid-to-cover ratio was 2.43, the second highest since January, indicating robust interest [3] Auction Data Summary - Indirect bid ratio reached 65.2%, the highest since January, compared to 58.9% last month, reflecting strong foreign demand [2] - Direct bid ratio was 23.4%, lower than last month's 27.2% but above the recent average of 22.3%, indicating stable domestic demand [2] - Primary dealers' allocation was 11.4%, the lowest since November, suggesting sufficient buying interest without needing dealer support [2] Market Reaction - Following the auction results, the market reacted positively, with the 10-year bond yield dropping to a daily low of 4.34%, below levels prior to last week's strong non-farm payroll report [5] Long-term Supply Pressure - Despite the strong auction performance, the U.S. faces significant long-term bond supply pressure due to financing needs from large spending plans initiated during the Trump administration [6]