Investors are buying bonds as they realize a policy shift is not so easy when the government opposes it. Expectations for a change were too excessive.
More Quotes from Jun Fukashiro:
Investors are thinking the BOJ may change its monetary policy sooner than expected and that's why bonds are falling.Jun Fukashiro
The yen's strength is a shackle for the central bank that keeps it from shifting monetary policy. There's a risk bond yields will decline in the long run.
Jun Fukashiro
The time to reconsider the value of five-year notes arrived. I am thinking about buying five-year notes as their yields rose too much. A trade betting on flattening is about to lose its charm.
Jun Fukashiro
The central bank wants to change monetary policy. Economic sentiment looks bright.
Jun Fukashiro
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