A Guide to Japan's Closely Watched Government Bond Auctions
Japan's government bond auctions, once viewed as predictable and procedural, have been reborn as a barometer of stress in the nation's debt market — and a trigger for moves in yields from Europe to the US.
The global importance of auctions in Tokyo has been on show since a sale of 20-year securities last month caught investors off guard when a key measure of demand fell to the lowest level in more than a decade.
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