Japan five-year JGB auction clears at 2.186 percent

Japan's Ministry of Finance sold five-year bonds on Thursday at a weighted average yield of 2.186 percent, down from 2.379 percent at October's auction, with competitive bids of 6,964.6 billion yen covering the 1,897.2 billion yen accepted about 3.7 times.

Why it matters: A five-year yield nearly 20 basis points below last month's auction says buyers are comfortable owning the front of the JGB curve at the Bank of Japan's current 1.25 percent policy rate, easing the funding test for the government's November issuance programme.

Data as of Japan Ministry of Finance auction result for November 12, 2026, read in full. Bid to cover computed from the published competitive bid and acceptance totals. October comparison is the ministry's October 14, 2026 five-year auction result. Developing item.

Japan’s Ministry of Finance sold five-year government bonds on Thursday at a weighted average yield of 2.186 percent, with the lowest accepted yield at 2.190 percent, in an auction that drew 6,964.6 billion yen of competitive bids for 1,897.2 billion yen accepted, a bid to cover ratio of about 3.7. A further 602.4 billion yen was allotted at the non-competitive auction for JGB market special participants.

The bond, issue number 189 with a 2.2 percent coupon maturing in September 2031, cleared well below October’s five-year auction, which printed a 2.379 percent average yield, as the front end of the JGB curve continues to settle around the Bank of Japan’s 1.25 percent policy rate.

Japan five-year JGB auction clears at 2.186 percent

Sources