Japan to Sell 10-Year Bonds in 1st Test After BOJ, Market Strife

Japan will sell 10-year government bonds on Tuesday amid a global debt rally that’s pushed yields dramatically lower and after the Bank of Japan hiked interest rates last week.

The sale by the Ministry of Finance of ¥2.6 trillion ($18 billion) of notes maturing in June 2034 at 12:35 p.m. comes after the 10-year yield plummeted Monday by 20.5 basis points, the most since 1999. That sharp move is despite the BOJ’s second rate hike this year made on Wednesday.