Japan’s Five-Year Bond Sale Demand In Line With 12-Month Average

Japan’s five-year government bond auction Thursday drew demand that was largely in line with the 12-month average, after the temporary ceasefire in the Iran war provided some support.

The bid-to-cover ratio fell slightly to 3.58, from 3.69 at the previous sale in March. It was still higher than the 12-month average of 3.49. Bonds held losses after the outcome, with the five-year yield rising to 1.805%, slightly below a peak of 1.83% reached earlier this week.