Japan's 20-Year Bond Average Successful Yield Rises to 3.856%, Bid-to-Cover Ratio Improves to 4.01 Times

The average successful yield of Japan's 20-year bonds has risen to 3.856%, with the bid-to-cover ratio improving to 4.01 times. The Japanese Ministry of Finance announced on September 15 that the average successful yield in the auction for 20-year bonds was 3.856%, an increase of 15.8 basis points from 3.698% on August 20. The lowest successful yield was 3.869%, and the weighted average price was 98.25 yen. The maturity of this bond is June 20, 2046, with an expected issuance amount of approximately 700 billion yen. The competitive bidding volume was 2.1313 trillion yen, and the successful bidding volume was 532.1 billion yen, resulting in a bid-to-cover ratio of about 4.01 times. According to the BOJ's August survey, the average forecast for the 20-year interest rate at the end of September was 3.71%, but the actual successful yield exceeded this. The BOJ assessed that Japan's financial system is stable, but it noted the need to monitor potential market stress due to the leverage expansion of foreign hedge funds. This result indicates an increase in market participants demanding higher interest rates, but it cannot be expanded into a financial market collapse or a sharp drop in Bitcoin. The BOJ will hold a monetary policy decision meeting on September 17-18, and the impact of the yen exchange rate flow after the policy announcement on leveraged positions will be closely watched.

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