Japanese yields climb as bond auction fails

JAPAN - Japanese bonds headed for their biggest losing week in 3 years as a sale of 10-year government benchmark securities failed for the first time to attract sufficient bidders for the debt on offer.

"It was horrible, I don't believe there's ever been an auction in Japan that has gone uncovered," said John Richards, a strategist at Barclays Capital Japan. "If this continues it raises problems in rolling over existing debt."

The sale of 1.8 trillion ($26.7 billion) of bonds drew bids worth 0.88

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