Weak demand at Japan's 10-year bond auction
Japan's 10-Year JGB #384 auction on 2026-11-05 showed weak demand: a tail of 3.2 bp. Bids totalled ¥6,336bn for ¥1,972bn sold. Yield 2.800%, vs. 3.103% at the previous 10-year auction on 2026-10-06.
Japan 10Y bid-to-cover, recent auctions, 5 Nov 2026
3.21x
Recent readings
| Date | Reading | Vs. previous |
| Nov 5, 2026 | 3.21x | ▼ -14.6% |
| Oct 6, 2026 | 3.76x | ▲ +14.3% |
| Sep 1, 2026 | 3.29x | — |
Why this matters
Every government that borrows has to find buyers at auction. When demand thins out - fewer bids, a wider tail, or the government keeping back part of the issue - it's an early sign investors want a higher return to keep lending to that country.
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