Japan's 5-Year JGB Auction Bidding Ratio Falls to 3.42x on September 8, Misses Prior and Average

According to Japan's Ministry of Finance, on September 8, Japan's 5-year government bond auction recorded a bidding ratio of 3.42x, falling below the prior auction's 4.15x and 12-month average of 3.44x. The tail—the difference between the average and lowest accepted prices—expanded to 0.04 yen from the previous 0.02 yen, suggesting weaker bidding demand. The 5-year JGB yield fell 2.66 basis points to 4.8093% as of 1:03 p.m. local time.
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