Japan’s 40-year government bond auction generated the weakest demand in 14 years as investors responded to reports that Prime Minister Shigeru Ishiba could resign in the coming days or weeks.
The bid-to-cover ratio for Wednesday’s auction, a measure of demand, was 2.127, the lowest for a 40-year Japanese government bond since 2011.
Demand was expected to be light, but Japan and the US reached a trade deal late on Tuesday, prompting investors to put their money in equities and fuelling concerns that Ishiba would step down, traders said.
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