Japan’s Five-Year Bond Sale Draws Weaker Demand Amid Global Rout

Japan’s five-year government bond auction Monday saw lower demand than the 12-month average, as elevated oil prices fueled inflation concerns and drove a global bond rout.

The bid-to-cover ratio was 3.22, compared with 3.58 at the previous sale, and a 12-month average of 3.47. Bond futures held losses after the result.