Japan 40-Year Bond Auction Sees Weakest Demand Ratio Since 2011

Japan’s 40-year government bond auction saw its weakest demand since 2011 amid concerns over government spending and after the US and Japan reached a trade deal.

The bid-to-cover ratio, a measure of demand, came in at 2.127, compared to 2.214 at the previous auction. The bonds yielded 3.375%, the highest on record. JGB futures were little changed after the result.