[Demand Weak at Japanese 30-Year Government Bond Auction Below 12-Month Average] According to Jinse Finance, on November 10th, demand at the Japanese 30-year government bond auction was weak, below the average of the past 12 months; concerns about global fiscal policy dampened investor appetite. The bid-to-cover ratio for Tuesday's auction was 3.36, compared to 3.88 in the previous auction and a 12-month average of 3.6. Prior to this auction, last week's 10-year Japanese government bond auction also showed weak demand, with declining yields weakening investor interest. Last week, global bond markets, including US Treasuries and Japanese bonds, strengthened; a sell-off in US tech stocks following the US midterm elections prompted investors to seek safe-haven assets. This trend pushed Japanese bond yields down across the board, further away from the multi-decade highs reached earlier this year. The decline in yields presents a test: are current yield levels still attractive enough to entice buyers to purchase Japanese ultra-long-term government bonds? The market is currently closely watching overall interest rate trends, with a focus on the Bank of Japan's policy meeting in December; based on swap market pricing, the market expects a probability of approximately 77% for a Bank of Japan rate hike. (Jinshi)