Japan 40-Year JGB Auction Results July 22 2026 Bid-To-Cover 2.83

The Ministry of Finance accepted ¥299.8 billion in bids against ¥846.7 billion offered by investors at auction.

March 2025's 40-year sale was the last with a stronger ratio, at 2.92.
Auctions in between saw bid-to-cover ratios ranging from 2.21 to 2.76.
The bond matures March 20, 2066, carrying a 3.8% coupon and 3.865% high yield.

Why it matters: A forty-year promise is judged by how it sells today, not whether it holds until 2066.

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