💥 Japanese gov’t bond demand is plunging!
📉 Insurers sold -$5.2B of 10+ year bonds in December—the largest monthly sale since 2004.
📆 This marks 5 straight months of selling, the longest streak ever, totaling -$8.7B in long-term bonds.
📊 Meanwhile, Tuesday’s 20-year JGB auction saw demand drop sharply: the bid-to-cover ratio fell to 3.19, below the 12-month average of 3.34, signaling weaker appetite.
⚠️ Japan’s bond market turmoil is deepening.