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Bank of Japan–Ministry of Finance

A Japanese government bond auction saw unprecedented demand on Tuesday, driving a historic market rally that pushed yields sharply lower. The record bid-to-cover ratio signals that domestic institutions are repatriating capital as local yields reach multi-decade highs.

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The Bank of Japan headquarters in Tokyo, where policymakers are preparing for next week's crucial monetary policy meeting.From: Japan's 20-Year Debt Sale Draws Record Demand as Domestic Buyers Return

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Charts, maps and images

Japanese 20-year sovereign yields fell sharply following the record-breaking debt auction.From: Japan's 20-Year Debt Sale Draws Record Demand as Domestic Buyers Return ·
Demand for 20-year Japanese government bonds shattered previous records, with the bid-to-cover ratio reaching 5.84.From: Japan's 20-Year Debt Sale Draws Record Demand as Domestic Buyers Return ·
The Japanese yen strengthened against the United States dollar as capital repatriation provided structural support.From: Japan's 20-Year Debt Sale Draws Record Demand as Domestic Buyers Return ·
Japan's 10-year government bond yield has surged to its highest level since 1996.From: Japan's 10-Year Government Bond Yield Reaches 3% for First Time Since 1996 ·
Rising domestic yields are making Japanese government bonds increasingly competitive with foreign assets.From: Japan's 10-Year Government Bond Yield Reaches 3% for First Time Since 1996 ·
Illustration: Domestic institutional investors and life insurers are actively shifting capital from foreign bonds back into yen-denominated debt.From: Japan's 20-Year Debt Sale Draws Record Demand as Domestic Buyers Return ·

Timeline

October 2026

  1. Japan's 20-Year Debt Sale Draws Record Demand as Domestic Buyers Return

September 2026

  1. Japan's 10-Year Government Bond Yield Reaches 3% for First Time Since 1996