Demand at Japan’s 10-year government bond auction on Thursday was slightly weaker than the 12-month average, following a recent decline in yields. The bid-to-cover ratio came in at 3.21, compared with 3.76 at the previous sale and an average of 3.24 over the past year.
The auction’s tail—the gap between the average and lowest-accepted prices—widened to 0.25 from 0.02 at last month’s sale. Bond futures gave back some gains after the results.
Sources: Bloomberg Markets.