Japan plans to cut 2025 super-long JGB issuance by 3.2T yen

  • The trim in issuance was already expected since May
  • Japan to cut 20-yr bond issuance by ¥200B per auction
  • Japan to cut 30-yr bond issuance by ¥100B per auction
  • Japan to cut 40-yr bond issuance by ¥100B per auction
  • Japan to offset cuts by boosting issue of 5Y, 2Y Notes, T-Bill

The trim in issuance was already expected since May and that's why you see a lack of reaction in the markets.

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