Japan 3-Month Treasury Discount Bill Auction
Published:
Japan Ministry of Finance 3-month Treasury Discount Bill auction — yield at the average price
Full explanation
The Japan 3-Month Treasury Discount Bill Auction is the Ministry of Finance's regular sale of three-month Treasury Discount Bills, short-term zero-coupon government securities. Each auction usually issues a new bill with its own issue number. The calendar figure is the "Yield at the Average Price", in percent, not the yield at the lowest accepted price. It is separate from Japan's six-month and one-year Treasury Discount Bills.
Why traders watch it
Tracks very short-term yen funding costs and expectations for Bank of Japan policy.
Stronger vs weaker outcomes
A higher yield than the previous auction points to higher expected short-term yen rates; a lower one points the other way.
Typical volatility
Low. The yield at the lowest accepted price is published alongside and is slightly higher; do not mix the two.
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