Internet reports that demand for Japanese 10-year government bonds auctions was stronger than the 12-month average, as expectations for the central bank to raise interest rates weakened and upward pressure on longer-term government bond yields eased. The bid multiple for this auction was 3.51, up from 3.66 at the previous auction last month and above the 12-month average of 3.14. In another sign of strong demand, the gap between the average price and the lowest accepted price was 0.03, compared with 0.01 at the previous auction. Japan's sovereign bond auctions have been under the spotlight since the end of May, after poor response to the auction of Japan's 20-year government bonds led to ultra-long bond yields reaching record highs. The surge in Japanese government bond yields has affected global bond markets, as investors have been wary of widening government deficits.