Japan's 5-Year Bond Auction Hits 3.43x Bid-to-Cover Ratio on July 9

According to Japan's Ministry of Finance, on July 9, the country's 5-year bond auction attracted higher demand than the previous auction and 12-month average, with a bid-to-cover ratio of 3.43 times, surpassing the prior month's 3.11 times and the 12-month average of 3.35 times. The 5-year yield stood at 1.9918% as of the latest trading. The strong auction demand comes amid rising bond yields this week, with the 5-year yield nearing 2% and the 10-year yield hitting 2.89%, the highest level since 1996, reflecting investor concerns over Prime Minister Sanae Takaichi's spending and investment plans.
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