According to The Kobeissi Letter, demand for Japanese government 10-year bonds was weak at Tuesday’s auction, with the bid-to-cover ratio at 3.02, below last month’s 3.30 and the 12-month average of 3.24. According to The Kobeissi Letter, the bid-to-cover is a gauge of demand strength, and the decline reflects rising investor reluctance toward JGBs.