Original title: Japanese 10-Year Bonds Rise After Strongest Auction Since 2023
Japan’s 10-year bonds gained after a sale of the benchmark tenor saw its strongest demand since October 2023 and brought short-term relief to the market. The yield on the 10-year bond fell 1.5 basis points to 1.605% after touching 1.625% Monday, close to the highest since 2008, and bond futures climbed after the auction result. The bid-to-cover Bloomberg Terminal ratio jumped to 3.92 from 3.06 at last month’s sale, comfortably above the 12-month average.