Japan’s 4% bond yield spike threatens the low-cost borrowing strategy behind corporate Bitcoin buying

Japan’s 30-year government-bond auction cleared at a 4.079% average yield on Sept. 3, underscoring a tougher backdrop for future capital raised by Metaplanet to buy Bitcoin. The long bond is a market signal; the nearer test for the company is the price of shorter-tenor debt and refinancing. The average yield rose 14.2 basis points from 3.937% at the previous 30-year auction on Aug. 6. Japan’s Sept. 1 10-year auction averaged 2.995%, placing the 4% threshold at the long end rather than across the entire curve. The Bank of Japan, meanwhile, maintains an operating guideline of around 1% for the…

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