Japanese government bond prices rose as the sale results of the 30-year bonds eased market concerns.

The prices of Japanese government bonds rose on Tuesday, following a smooth auction of 30-year bonds, which alleviated investors' concerns and eased worries that demand for the auction may be weak. The yield on the 30-year bond briefly fell by 2 basis points to 3.735%. Yields move inversely to bond prices. Naoya Hasegawa, Chief Bond Strategist at Okasan Securities, said, "In the early session, the cautious sentiment before the auction may have pushed up long-term and ultra-long-term bond yields, while in the afternoon session, the market only made adjustments based on the auction results." He added that last week's weak auction results for 10-year bonds were also seen as a factor that could dampen investor confidence. The bid-to-cover ratio for this auction was 3.12 times, compared to 3.66 times in the previous auction.