---
source: Ministry of Finance, Japan
url: https://www.mof.go.jp/english/policy/jgbs/auction/calendar/eresul/eresul20260317.htm
document_type: html
date_retrieved: 2026-03-17
period: March 2026
parent_publication: JGB Auction Results
indicators_covered: [20-Year Bond Yield, Auction Results]
---

# Auction Result of 20-Year JGBs on March 17, 2026

## Announcement Details

**Announced:** March 10, 2026  
**Ministry of Finance, Japan** (Provisional Translation)

### Auction Parameters

| Parameter | Value |
|-----------|-------|
| **Auction Date** | March 17, 2026 |
| **Issue Date** | March 18, 2026 |
| **Maturity Date** | December 20, 2045 |
| **Offering Amount** | Approximately 800 billion yen |
| **Security Type** | 20-Year Japanese Government Bonds |
| **Issue Number** | 195 |
| **Issue Type** | Reopening of January 2026 issue |

## Auction Results

| Metric | Value |
|--------|-------|
| **Nominal Coupon** | 3.2% |
| **Amounts of Competitive Bids** | 1,990.3 billion yen |
| **Amounts of Bids Accepted** | 613.0 billion yen |
| **Lowest Accepted Price** | 100.65 per 100 yen |
| **Yield at Lowest Accepted Price** | 3.146% |
| **Allotment for Bids at Lowest Price** | 79.4755% |
| **Weighted Average Price** | 100.71 per 100 yen |
| **Yield at Average Price** | 3.141% |
| **Non-price Competitive (Type I)** | 186.3 billion yen |
| **Non-price Competitive (Type II)** | — |

## Key Metrics

- **Competitive Bid-to-Offer Ratio:** 3.25x (1,990.3 / 613.0)
- **20-Year Coupon:** 3.2% nominal
- **Maturity Period:** 19 years, 9 months from issue date
- **Average Yield:** 3.141% (weighted average price basis)
- **Price Yield Relationship:** Lowest accepted yield of 3.146% compared to average 3.141% reflects a tight bid distribution

## Market Context

This 20-year JGB auction represents a reopening issue of the January 2026 issuance. The auction method employed is the Dutch-style yield-competitive format, ensuring transparent price discovery. The 3.2% nominal coupon and resulting yields near 3.14% reflect ongoing market conditions and institutional demand for long-term Japanese fixed-income instruments.

The non-price competitive allocation through JGB Market Special Participants (Type I) amounted to 186.3 billion yen, indicating stable participation from designated market makers.

## Note

This is a provisional translation of the official Ministry of Finance announcement. The document preserves the original structure and key auction parameters as disclosed by the issuer.