Demand at Japan's 30-year government bond auction exceeded the 12-month average,
with a bid-to-cover ratio of 3.88 versus 3.79 at the prior auction and a
12-month average of 3.56. Higher yields drew buyers and JGBs were largely steady
after the sale. Global bond markets remain under pressure amid inf worries tied
to the U.S.-Iran conflict and concerns over worsening sovereign finances;
30-year JGB yields this week hit their highest level since issuance. Tuesday's
10-year JGB auction also saw solid demand, with high yields supporting bids.
U.S. long-end yield gains narrowed on Wednesday after a 10-year Treasury auction
showed investor buying at multi-decade high rate levels.
