Japan Auction Monitor 20y—short-term rebound CITI'S TAKE We expect smooth digestion of this auction on rebalancing demand at pension funds and short covering. However, this is not likely to lead to the formation of a new trend, and we think the flattening trend in the 20s30s curve is likely to continue in the medium term. Tomohisa Fujiki AC n Vi e w p o i n t | 24 Jun 2026 02:37:50 ET │ 10 pages +81-3-6776-4684 tomohisa.fujiki@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Re ...