The Ministry of Finance will sell ¥2.5 trillion of debt maturing in June 2028 on Tuesday, followed by ¥1.2 trillion of 20-year debt in an auction on Thursday.
Yield on the nation’s benchmark five-year debt climbed to the highest level since January on Monday while 10-year equivalent rose above 0.7% for the first time in more than nine-years after Ueda told the Yomiuri newspaper it’s possible the BOJ will have enough information by year-end to judge if wages will continue to rise — a key factor in deciding whether to pare back its super-easy policy.
“I see the bond market stabilizing after the BOJ’s announcement on the five-year loan operation but it stops short of giving a sense of reassurance,” said Akio Kato, chief manager of the strategic research and investment division at Mitsubishi UFJ Kokusai Asset Management Co. in Tokyo. “The auction is likely to draw bids for the lowest price.”
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