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.
More Quotes from Naomi Hasegawa:
A gain in the Nikkei above 16,500 will test investors' nerves and lead them to hold off buying bonds, pushing up yields.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.
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The news could be a trigger to buy bonds. Investors dislike uncertainty.
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There's speculation out there that more policy makers will cast votes against keeping the policy unchanged. That is negative for bonds.
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A pullback in US Treasury prices was behind losses in JGB prices today.
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The report suggests we're one step closer to the Bank of Japan's exit from its current loose monetary policy. That's negative for Japanese government bonds.
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