A Guide to Japan’s Closely Watched Government Bond Auctions

Japan’s government bond auctions, once viewed as predictable and procedural, have been reborn as a barometer of stress in the nation’s debt market — and a trigger for moves in yields from Europe to the US.

The global importance of auctions in Tokyo has been on show since a sale of 20-year securities last month caught investors off guard when a key measure of demand fell to the lowest level in more than a decade.