Japan's 20-Year Bond Auction Sees Demand Hit Record High, Bidding Ratio Reaches 4.52x on July 14

According to Japan's Ministry of Finance, on July 14, the country's 20-year bond auction recorded a bidding ratio of 4.52 times, significantly exceeding both the previous auction's 2.97 times and the 12-month average of 3.54 times. The winning yield was set at 3.626%, with the tail indicator—measuring the spread between highest and average accepted rates—converging near zero, matching a historic low not seen since 2010. The auction's lowest successful price reached 100.85 yen, exceeding market expectations of 100.50 yen.
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