日本2年期国债收益率升至0.931%，为2008年6月以来最高；日本5年期国债收益率涨逾2%、日本20年期 国债收益率涨近1%。 （文章来源：第一财经） ...

每经AI快讯，9月17日，日本20年期国债发行需求倍数为4，创2020年以来最高。 ...

Group 1 - The upcoming 10-year government bond auction in Japan is seen as a critical test of investor demand amid rising expectations for interest rate hikes by the Bank of Japan and ongoing political uncertainty [1][2] - The Bank of Japan is gradually reducing its large-scale bond purchases, leading to an increase in government bond yields, which have reached multi-year highs [1][2] - Recent bond auctions have shown weak demand, with the last 10-year bond auction demand falling below the 12-month average and the 2-year bond auction hitting a 16-year low [1][2] Group 2 - Market analysts suggest that the continuation of the interest rate hike cycle and the ongoing reduction in bond purchase scale will likely push bond yields higher, making investors cautious about buying at current levels [2][4] - The outcome of the ruling party's election review will influence whether lawmakers support an early leadership election, adding another layer of uncertainty to the market [2][4] - The Japanese Ministry of Finance is consulting primary dealers about further reducing the issuance of long-term bonds, which may impact market dynamics [4]

Core Viewpoint - The yield on Japan's 20-year government bonds has increased by 1.5 basis points to 2.65% [1] Group 1 - The rise in yield indicates a potential shift in investor sentiment towards long-term government debt in Japan [1]

Core Viewpoint - The trust vote initiated by French Prime Minister François Béru is causing a "double whammy" in French assets, reflecting a broader global long-bond storm amid rising government debt and interest rates [1][5][9]. Group 1: Political Context - Prime Minister Béru announced a trust vote for his government on September 8, aimed at pushing through a controversial €44 billion austerity plan amidst economic growth pressures and public demand for fiscal support [1][6]. - The political deadlock in France has raised concerns about the government's stability, with major opposition parties indicating they will vote against the trust motion, potentially leading to the government's collapse [7][8]. Group 2: Market Reactions - Following the announcement, French assets faced significant sell-offs, with the 10-year government bond yield rising by 9 basis points to 3.51%, and the spread against German bonds widening to 78 basis points, the highest since April [1][8]. - The CAC 40 index dropped by 2%, continuing a previous decline of 1.6%, while broader European indices also fell, with the Euro Stoxx 50 down by 1.2% and the DAX down by 0.85% [1][2]. Group 3: Global Implications - The situation in France is indicative of a larger "slow-motion crisis" in the global long-bond market, with rising yields in Germany and Japan reflecting increasing government debt levels and concerns over fiscal discipline [9][11]. - The global environment of rising interest rates and high debt levels is leading to increased scrutiny of fiscal policies and political stability, with France's political gamble striking a sensitive nerve in the market [12].

Core Viewpoint - The Japanese bond market is experiencing a significant sell-off, with yields on 10-year and ultra-long government bonds reaching multi-decade highs due to ongoing concerns about fiscal expansion and inflation [1][6]. Group 1: Bond Yield Trends - The yield on Japan's 10-year government bonds rose to 1.61%, the highest since October 2008 [1]. - The 20-year bond yield reached 2.655%, marking the highest level since 1999 [1]. - The 30-year bond yield climbed to 3.18%, nearing the historical high of 3.2% set in July [1]. Group 2: Fiscal Concerns - The steepening of the yield curve reflects market worries about Japan's future fiscal discipline, especially after the ruling coalition's loss in the upper house elections in July [1]. - Investors anticipate potential new fiscal stimulus measures from the government, which could lead to a significant increase in bond issuance [6]. Group 3: Inflation and Monetary Policy - Persistent inflation pressures are negatively impacting ultra-long bonds and increasing the likelihood of interest rate hikes by the Bank of Japan [1][7]. - Recent data indicates that aggressive traders are growing more confident about a potential rate hike in October, suggesting that the market may fully price in this expectation [7]. Group 4: Demand Dynamics - There has been a notable decline in demand from overseas investors, which is exacerbating upward pressure on yields [1][8]. - In July, net purchases of Japanese government bonds with maturities over 10 years by overseas investors fell to 480 billion yen (approximately $3.3 billion), only one-third of the amount purchased in June [8]. - The sharp decline in overseas investment raises concerns about the stability of the long-end of the yield curve [8].

Core Viewpoint - The yield on Japan's 20-year government bonds has increased by 7 basis points to 2.6% [1] Group 1 - The rise in yield indicates a potential shift in investor sentiment towards long-term government debt in Japan [1] - The increase of 7 basis points reflects broader trends in the bond market and may influence future borrowing costs for the government [1]

Group 1 - The yield on Japan's 20-year government bonds decreased by 5 basis points to 2.52% [1] - The yield on Japan's 30-year government bonds fell by 6 basis points to 3.03% [1]

Group 1 - The yield on Japan's 20-year government bonds decreased by 5 basis points to 2.52% [1] - The yield on Japan's 30-year government bonds fell by 6 basis points to 3.03% [1]

日本20年期国债收益率升至2.64%，为1999年11月以来的最高水平。 ...