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Japan Auction Monitor: 20y—source of volatility

发布日期: 2026-07-13研究机构: Citi报告页数: 11原文语言: English证据页码: 6

研报英文原文证据摘录

Japan Auction Monitor: 20y—source of volatility

Japan Auction Monitor

13 July 2026 Citi Research

RESEARCH ANALYST AFFILIATIONS / NON-US RESEARCH ANALYST DISCLOSURES

The legal entities employing the authors of this report are listed below (and their regulators are listed further herein). Non-US

research analysts who have prepared this report (i.e., all research analysts listed below other than those identified as employed

by Citigroup Global Markets Inc.) are not registered/qualified as research analysts with FINRA. Such research analysts may not

be associated persons of the member organization (but are employed by an affiliate of the member organization) and therefore

may not be subject to the FINRA Rule 2241 restrictions on communications with a subject company, public appearances and

trading securities held by a research analyst account.

Citigroup Global Markets Japan Inc. Tomohisa Fujiki

OTHER DISCLOSURES

Statements to be presented in relation to the Article 37 of the Financial Instruments and Exchange Laws (the “FIEL”)

With respect to the purchase or sale of financial instruments, we may charge you a commission (in case of stock, a commission

equal to the transaction price multiplied by a commission rate agreed between you and us in advance and consumption tax,

and in case of investment trust, sales commission, trust fees and other fees prescribed for each fund). Each financial

instrument is subject to relevant inherent risk and a substantial amount of loss or liability may occur due to a change in

domestic/overseas political, economic or financial environment, market environment such as exchange rates, stock market,

commodity market and interest rates, credibility of issuers, and change in underlying assets. For trading in derivatives, you may

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