Demand at Tuesday's auction of Japan 20-year government bonds set a record: bid-cover ratio 5.84, versus 4.01 at the prior auction and a 12-month average of 3.73. The auction tail — the gap between the average accepted price and the lowest accepted price — tightened to 0.07 from 0.15 last month, signalling strong takedown. Ultra-long JGB yields have risen to multi-decade highs (20-year yields reached roughly a 30-year high earlier this month; 30-year yields hit a record), while escalating Middle

Demand at Tuesday's auction of Japan 20-year government bonds set a record: bid-cover ratio 5.84, versus 4.01 at the prior auction and a 12-month average of 3.73. The auction tail — the gap between the average accepted price and the lowest accepted price — tightened to 0.07 from 0.15 last month, signalling strong takedown. Ultra-long JGB yields have risen to multi-decade highs (20-year yields reached roughly a 30-year high earlier this month; 30-year yields hit a record), while escalating Middle East tensions and higher oil prices have driven global bond selling and amplified investor worries about inflation and fiscal positions.