The strong demand for Japan's 10-year government bond auction drives the rise in medium to long-term government bond prices.

On June 3, Golden Ten Data reported that in midday trading in Tokyo, the price of Japan's medium and long-term government bonds generally rose. Previously, Japan's Ministry of Finance issued about 2.6 trillion yen of 10-year government bonds through bidding, with an average winning yield of 1.512%. According to the Ministry of Finance, the bid multiple for the auction was about 3.66, the highest level in nearly a year (the higher the value, the stronger the demand for bonds). Japan's 5-year government bond yield edged down 1 basis point to 1.020% and the 10-year government bond yield fell 2.5 basis points to 1.480% as a result of the auction.