Results of Phase II Non-Competitive Auction for 2-Year Government Bonds (476th Issue) - August 28, 2025
Auction Summary The Ministry of Finance conducted the Phase II non-competitive auction for 2-year government bonds (476th issue) on August 28, 2025.
Auction Results No bids were submitted for today's Phase II non-competitive auction of the 2-year government bonds (476th issue).
Market Context This outcome reflects current market conditions where institutional investors and financial institutions chose not to participate in the non-competitive bidding phase. Non-competitive auctions typically allow participants to submit bids without specifying yields, accepting whatever yield is determined in the competitive auction phase.
Significance The absence of bids in this specific auction phase indicates selective participation by market players, possibly due to yield expectations, market timing considerations, or sufficient allocation already secured through competitive bidding phases. This represents normal market dynamics in Japan's government bond issuance process.
Contact Information For inquiries: Long-term Government Bond Section, Government Bond Division, Financial Bureau Phone: 03-3581-4111 (ext. 5582)