Yields on the longest-dated Japanese government bonds surged to record highs on Tuesday after a dismal debt auction added to investor fears of a lack of demand.
The yield on the 30-year bond rose as high as 3.14 per cent, while that on the 40-year bond reached an all-time high of 3.61 per cent, with both rising by as much as 0.17 percentage points. Yields move inversely to prices.
The 20-year bond yield jumped by 15 basis points to as high as 2.56 per cent following an auction in which the gap between the average and lowest prices — known as the tail — was the biggest since the late 1980s.
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