Japanese 10-Year Bonds Rise After Strongest Auction Since 2023

Japan’s 10-year bonds gained after a sale of the benchmark tenor saw its strongest demand since October 2023.

The yield on the 10-year bond fell half a basis point to 1.615% after touching 1.625% Monday, close to the highest since 2008. The bid-to-cover ratio jumped to 3.92 from 3.06 at last month’s sale, comfortably above the 12-month average.