Japan’s 10-Year Bond Sale Sees Firm Demand on Higher Yields

Japan’s 10-year government bond auction Tuesday saw stronger demand than the 12-month average as higher yields underpinned buying.

The bid-to-cover ratio was 3.9, the highest since September, compared with 2.57 at the previous sale and a 12-month average of 3.23. The benchmark yield pared its advance slightly after the auction results, trading at 2.535%, the highest level since 1997.