In addition the Treasury will offer $9.25 billion worth of seven-year notes on Wednesday.

Other speculation centered on the possibility that the Treasury might offer bonds denominated in a foreign currency.

And to increase the market's anxiety level, there were also rumors that the Treasury may again offer 40-year bonds.

To help stop the decline of the dollar, some analysts have urged the Treasury to offer bonds denominated in a foreign currency.

After this sale, the Treasury will offer five-year notes on a quarterly basis instead of monthly.

On Thursday, the Treasury will offer $12 billion of 30-year bonds.

On Thursday, the Treasury will offer $12.5 billion of one-year bills.

Treasuries offer them a safe investment that yields a much higher interest rate than Japanese bonds.

But investors might well choose to hold to the higher-paying bonds, even if the Treasury offers a nice premium in the open market to buy them back.

On July 2, however, Treasury offered another proposal it hoped would calm the Eurobond market.