Japan’s 20-Year Bonds Gain After Best Auction Demand Since 2020

Japanese bonds gained after an auction of 20-year debt saw the best demand ratio in more than five years as higher yields attracted investors.

The bid-to-cover ratio at Thursday’s sale rose to 4.1, from 3.28 at last month’s auction. The tail, another measure of demand, was the strongest since 2023. Yields fell across tenors, with the 20-year yield down 3.5 basis points to 2.91%.