“The coupon doesn't appear to be attractive for many investors, so market players are keen to know if the auction could attract sufficient demand, which could also set the tone of market sentiment.”
“JGB prices were bearish. This is mainly because stock prices posted strong gains, while most investors are also cautiously awaiting the results of today's 20-year bond auction.”
“The yield on the lead 20-year debt rose a bit as some investors cut long positions after making hefty purchases last week but overall sentiment appeared to be generally bullish.”
