Japan 20-Year Bond Sale Leaves Traders in Limbo Before Election

Japan’s 20-year government bond auction went off without spectacle, leaving an uneasy calm ahead of elections later this month as investors look for signs of a possible increase in the nation’s debt.

Demand showed some improvement over recent sales. The bid-to-cover ratio of 3.15 was below the 12-month average but still the highest level since March. The tail, or gap between average and lowest-accepted prices, was 0.18, the narrowest since January.