Japanese Government Bond Yield Curve Steepens After Strong 2-Year Auction

Japan's government bond yield curve steepened on Tuesday. A strong auction for 2-year JGBs led to the benchmark yield dropping over three basis points to below 1.37%, its lowest since late May. Conversely, longer-dated Japanese bonds faced selling pressure, with the benchmark 10-year JGB yield rising over four basis points to trade near 2.68% and the 30-year JGB yield advancing over six basis points to over 3.91% in late Tokyo trading.