> For the complete documentation index, see [llms.txt](https://docs.fairmarkit.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.fairmarkit.com/buyers/auctions/japanese-auction.md).

# Japanese auction

A Japanese auction is a structured auction format that encourages strategic supplier participation. The auction starts at a high price that decreases over time, and suppliers must choose to stay in or leave at each price point. The last supplier remaining wins, helping you secure the best possible price.

### How Japanese auctions work <a href="#howjapaneseauctionswork" id="howjapaneseauctionswork"></a>

#### Start the auction at a high price

Create your auction by adding line items and inviting suppliers. Set the maximum price you’re willing to pay (e.g., $1,000) and define how much and how often the price will decrease (e.g., $50 every 5 minutes).

#### Run the auction with price decreases

As the auction progresses, the price automatically drops at the intervals you’ve set. At each price point, suppliers must actively choose to stay in the auction. If they take no action, they are automatically removed.

#### Last supplier remaining wins

The auction continues until only one supplier remains, at which point they win the auction. They will need to finalize their bid, after which you can award the event.

### Get started <a href="#getstarted" id="getstarted"></a>

* [Create a Japanese auction](/buyers/auctions/japanese-auction/create-a-japanese-auction.md)
* [Edit a Japanese auction](/buyers/auctions/japanese-auction/edit-a-japanese-auction.md)
* [Review and award a Japanese auction](/buyers/auctions/japanese-auction/review-and-award-a-japanese-auction.md)

<br>


---

# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.

## Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter:

```
GET https://docs.fairmarkit.com/buyers/auctions/japanese-auction.md?ask=<question>
```

The question should be specific, self-contained, and written in natural language.
The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.