This report previews the 30-year JGB auction scheduled for June 10, 2026, analyzing fiscal headwinds against expectations for BOJ policy normalization.
Key Takeaways
- 1.Super-long yields face limited upward pressure despite fiscal expansion concerns, as BOJ policy rate expectations are already high.
- 2.The government's fiscal policy direction (specifically supplementary budget plans) remains a headwind for the 30y JGB auction.
- 3.Asset swap and outright long positions are suggested with a medium-term horizon to manage near-term volatility.
Table of Contents
- Positives and negatives ahead of the 30y auction
- POTENTIAL POSITIVES
- POTENTIAL NEGATIVES
- Auction strategy
- Key charts
- Important Disclosure Information
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Authors
Yurie Suzuki
Securities
30-Year Japanese Government Bond
Themes
Fiscal PolicyMonetary Policy Normalization
Regions
Asia PacificJapan