Japanese 20-Year Government Bond Auction Attracts Higher Demand Than One-Year Average

Deep News07-14

Demand for Japan's 20-year government bond auction on Tuesday surpassed the 12-month average, with higher yields supporting buying interest.

The bid-to-cover ratio for this issuance was 4.52, an increase from the previous auction's 2.97 and above the 12-month average of 3.54. Another indicator of robust investor appetite was the difference between the average accepted price and the lowest accepted price, which came in at 0.00 for this auction. This matches the record low set in 2010 and compares to 0.24 in the previous month.

Following the 20-year bond auction, Japanese government bond futures extended their gains.

Japanese Finance Minister Shunichi Suzuki last Friday called for the Government Pension Investment Fund (GPIF) to increase its investments in domestic assets, which led to a pullback in Japanese bond yields. However, subsequent media reports tempered these expectations by stating the government has no plans for a comprehensive overhaul of the GPIF's asset allocation.

On Tuesday, Minister Suzuki again mentioned that the country's major pension funds would adjust their holdings if necessary and also proposed the idea of including government bonds in individual tax-exempt investment plans.

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