Demand at the auction of Japanese 30-year government bonds was weak, below the average level of the past 12 months.

On November 10, the bid-to-cover ratio for Japanese 30-year government bonds was 3.36, lower than the average of 3.6 over the past 12 months and also lower than the 3.88 of the previous auction. Global fiscal policy concerns dampened investor interest. The market is focused on the Bank of Japan's December policy meeting, with swap market pricing indicating a roughly 77% probability of a rate hike. (Source: Jinshi)