Official Result (MOF)
| Auction Date | 2025-06-26 |
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| Issue Date | 2025-07-01 |
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| Issue | JGB (2-Year) No. 474（new） |
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| Coupon (%) | 0.7% |
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| Maturity | 2027-07-01 |
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| Method | price conventional |
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| Offering | ¥2.6T |
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| Competitive Bids | ¥7.7T |
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| Accepted Amount | ¥2T |
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| Lowest Accepted Price | 99.93（0.735%） |
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| Weighted Avg Price | 99.94（0.729%） |
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| Allotment Ratio | — |
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| Non-competitive I | ¥621.9B |
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| Non-competitive II | ¥3B |
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Source: https://www.mof.go.jp/jgbs/reference/appendix/jgb_historical_data.xls
Offering Terms (from MOF notice) documents →
| Official name | 利付国庫債券（2年）（第474回） |
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| Legal basis | 特別会計に関する法律（平成19年法律第23号）第46条第1項 |
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| Coupon dates | 毎年1月1日及び7月1日 |
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| Planned amount | ¥2.6T |
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| Bid deadline | 2025-06-26 11:50 |
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| Payment date | 2025-07-01 |
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| Non-competitive II | held |
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| Price terms | — |
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Derived Metrics calc auction-v1 / auction-v2
| This | Prev | avg (12) | min | max | z |
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| Bid/Cover | 3.90 | 3.77 | 3.98 | 3.16 | 5.54 | -0.13 |
| Tail (sen) | 1 | 1 | 1 | 0 | 1 | +1.23 |
| Non-competitive take-up | 24.0% | 29.1% | |
| Grade | D (score -0.68) | (z(B/C) − z(tail))/2 bucketed A(≥1)/B(≥0.3)/C/D(≤−0.3)/E(≤−1), vs last 12 same-tenor |
| Yield tail (bp) | 0.6 | 0.4 |
Same-tenor Auction History