According to CoinMeta, the demand for two-year Japanese government bonds was weak in the tendering process, with a bid-to-cover ratio of 2.97, which is lower than the previous 3.63 and the average of 3.74 over the past 12 months, representing the weakest level since 2016. The spread indicator stood at 0.034, higher than the 0.007 of last month, indicating a decline in investor interest. As market expectations for a rate hike by the Bank of Japan increase, bond yields have risen significantly, with overnight index swaps showing that the probability of a rate hike in September is about 84%.