Japan's Ministry of Finance set the coupon on this month's 10-year JGB at 3.1%, the highest level since August 1996 and the first time the coupon has exceeded 3% in 30 years. Secondary-market JGB yields have been rising amid global government-debt concerns. The MOF adjusts the 10-year coupon roughly quarterly (2.7% for Jul–Sep, 2.4% for Apr–Jun); coupons are normally set near prevailing market yields to avoid auction prices falling well below par. In Tuesday's auction the bid-cover ratio rose to

Japan's Ministry of Finance set the coupon on this month's 10-year JGB at 3.1%, the highest level since August 1996 and the first time the coupon has exceeded 3% in 30 years. Secondary-market JGB yields have been rising amid global government-debt concerns. The MOF adjusts the 10-year coupon roughly quarterly (2.7% for Jul–Sep, 2.4% for Apr–Jun); coupons are normally set near prevailing market yields to avoid auction prices falling well below par. In Tuesday's auction the bid-cover ratio rose to 3.76 from 3.29 at the prior sale, and the highest accepted price reached a 30-year peak.