"Chinese bond market experiences a shocking moment"

The Japanese bond market is experiencing a "thunderbolt" - on Tuesday this week, the 20-year Japanese government bond auction saw the worst results since 2012, with a bid-to-cover ratio falling to 2.5 times, and the tail-end spread soaring to the highest level since 1987. This has also led to a surge in long-term Japanese government bond yields, worsening liquidity and causing concerns in global markets. Analysis suggests that the lackluster demand for Japanese government bonds highlights a "buyer strike" on the demand side. Just as the dust settled, another wave came. Less than 48 hours after the Japanese bond auction results were released, the auction of 20-year U.S. bonds also faced a cold reception, with the final bid rate breaking through the 5% mark. The turmoil in the global bond market and the potential chain reactions it may trigger have raised concerns among investors.