Economics
Japan Bonds Rise After 20-Year Debt Auction Draws Record Demand
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Japan’s bonds rose after the nation’s auction of 20-year debt attracted record demand and a private report showed manufacturing shrank in China.
The Ministry of Finance’s 1.2 trillion yen ($11.5 billion) offering today attracted bids 5.32 times the amount available, the highest bid-to-cover ratio on record dating back to 1987. The lowest bidding price was 100.90 yen, surpassing the median estimate of 100.80 in a Bloomberg News survey of 13 traders.