Japan Super-Long Yields Drop After Auction in Sign of Confidence

Japan’s super-long bond yields declined even after relatively lower demand for an auction of 20-year debt, in a sign of confidence among investors.

Yields on 30- and 40-year bonds dropped by as much as five basis points after the auction results Thursday had a bid-to-cover ratio of 3.08, less than both the previous offering and the 12-month average. The yield on 20-year notes fell around two basis points.