A pledge by Japan's PM to stick to its self-imposed cap on new bond issues (¥44T, $496B) is met with scepticism, with doubts reflected in a 20-year bond auction that attracted the weakest demand in more than three years, steepening the yield curve to a level not seen since 2002. Last month, Fitch warned Japan could lose its AA- rating if new debt supply materially exceeded ¥44T. (ETF: EWJ
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