The headline figure was not as strong as expected but the overall picture is strong. Bonds are falling as investors focus on the strong parts of the report.
More Quotes from Naomi Hasegawa:
The Bank of Japan's decision was well anticipated. Most measures it plans to implement appear to be within market expectations.Naomi Hasegawa
Deposits stopped growing and household money is heading increasingly to risk assets and will continue to do so as long as Japanese interest rates are zero.
Naomi Hasegawa
There was some concern that the core CPI would fall back into negative territory owing to a decline in oil prices, but perhaps we don't have to worry about that scenario, as crude futures have rebounded recently.
Naomi Hasegawa
Falling stocks and a rising yen raises speculation among investors the central bank will avoid saying anything to add to an outlook for higher rates. It will encourage investors to buy bonds.
Naomi Hasegawa
Gains in stocks will help push down bonds and I don't think investors will aggressively buy after yesterday's rally.
Naomi Hasegawa
US Treasuries, particularly long-term bonds, were robust on Friday, when the Japanese market was closed. Some bond investors view the surge in stocks as bubble while some investors take comfort in the view that the zero-interest rate policy will continue even after the Bank of Japan lifts ultra-loose monetary stance.
Naomi Hasegawa
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