---
source: Ministry of Finance, Japan
url: https://www.mof.go.jp/english/policy/jgbs/auction/calendar/etbill/etbillresul/eresul20260318.htm
document_type: html
date_retrieved: 2026-03-18
date_published: 2026-03-18
auction_date: 2026-03-18
period: March 18, 2026
parent_publication: Japanese Government Bonds - Treasury Discount Bill Auction Results
indicators_covered: [3-Month Treasury Discount Bill Yield, Auction Results]
---

# Auction Result of Treasury Discount Bills on March 18, 2026

## Ministry of Finance, Japan

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## Auction Details

| Item | Value |
|------|-------|
| Issue Number | 1370 |
| Auction Date | March 18, 2026 |
| Issue Date | March 23, 2026 |
| Maturity Date | June 22, 2026 |

---

## Competitive Bids

| Metric | Amount |
|--------|--------|
| Amounts of Competitive Bids | 10,101.60 billion yen |
| Amounts of Bids Accepted | 3,673.99 billion yen |
| Lowest Accepted Price | 99.7960 (per 100 yen) |
| **Yield at Lowest Accepted Price** | **0.8199%** |
| Allotment for Bids at Lowest Accepted Price | 63.0013% |
| Weighted Average Price | 99.7992 (per 100 yen) |
| **Yield at Average Price** | **0.8070%** |

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## Non-Price-Competitive Auction

| Item | Amount |
|------|--------|
| Non-price-competitive Auction I for JGB Market Special Participants | 1,026.00 billion yen |

---

## Key Observations

The **3-Month Treasury Discount Bill auction on March 18, 2026** saw the weighted average yield settle at **0.8070%**, up from the previous auction's **0.7740%** on March 13, 2026.

The **lowest accepted yield of 0.8199%** represents the highest bidder rate accepted in competitive bidding. The **weighted average yield of 0.8070%** reflects the overall clearing rate across all accepted bids, indicating a rise in short-term borrowing costs for the Japanese government.

**Auction metrics:**
- Competitive bids of 10,101.60 billion yen were submitted
- Accepted bids totaled 3,673.99 billion yen, representing a bid-to-cover ratio of 2.75×
- Non-competitive bids from JGB Market Special Participants added 1,026.00 billion yen
- Total auction size: approximately 4,699.99 billion yen

The maturity period of approximately three months (March 23 to June 22, 2026) is consistent with Treasury Discount Bill standard practice.