Japanese Investors Rush Back Into Global Bond Markets
Market Depth
The JGB-Driven Global Bond Market
There is far more buying activity taking place over these past two days of yields dropping, as reflected in the very noticeably elevated trading volumes on JGB futures. 10-year US treasury futures actually were not trading on volume during this current price up yield down move over the last two days. Again, this is still a JGB-driven global bond market. The average yield for that 30-year JGB auction was at 1.2% and the bid to cover ratio, bid to cover is basically is a measure of demand at a primary auction. It seemed that like there were, you know, the whisper was that there would be demand coming from the Japan life insurance system.
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