Japan’s 20-Year Bond Sale Sees Strongest Demand Since 2019

Japan’s 20-year sovereign bond auction drew its strongest demand since 2019 as elevated yields attracted investors and the government began its planned cuts in super-long issuance in the new fiscal year.

Bonds rose after Tuesday’s sale, with yields on 20- and 30-year tenors both falling nine basis points. The bid-to-cover ratio rose to 4.82, compared with 3.25 at the previous offering and a 12-month average of 3.27, even amid uncertainty over talks about ending the Middle East conflict.