Japan's Two-Year Government Bonds Draw Weakest Demand Since Last Sale
The Ministry of Finance sold the notes at a 2.97 bid-to-cover ratio versus 3.63 last time, yielding 1.708%.
- Bid-to-cover ratio fell to 2.97 times, down from 3.63 times at the prior two-year sale.
- The trailing 12-month average bid-to-cover stands at 3.74 times, well above today's tepid result.
- Accepted yield settled at 1.708%, the rate Tokyo now pays to borrow for two years.
Why it matters: The world's most indebted government just saw its own creditors demand a higher price to keep lending.
Japan Ministry of Finance, Auction Result of 2-Year JGBs ↗ · Aug 28, 20268/28/26