Japan's 20-Year Bonds Draw 4.01x Bids, Above 12-Month Average
The Ministry of Finance's September 15 sale raised 532.1 billion yen at a 3.7% coupon, yielding 3.869% at the lowest accepted price.
- Bid-to-cover hit 4.01 times, above July's 3.98 times and the 3.73 times yearly average.
- The tail measured 0.15 yen, the gap between the lowest and average accepted prices.
- The bonds mature June 20, 2046, with a lowest accepted price of 98.10 yen.
Why it matters: Strong bidding for Tokyo's twenty-year paper is a bet that Japan keeps paying, nothing more.
Japan Ministry of Finance, Auction Result of 20-Year JGBs on September 15, 2026 ↗ · Sep 15, 20269/15/26