The auction result was disappointing and the market trend is already weak. Investors are staying on the sidelines and not buying.
More Quotes from Osamu Tamada:
At last, the market has entered into an adjustment phase, after bond prices surged in thin trading yesterday.Osamu Tamada
The market regained calmness after the two-year auction finished, as the auction attracted good demand. But the market remains top-heavy.
Osamu Tamada
With no particularly strong leads today activity is pretty light.
Osamu Tamada
Caution ahead of CPI appears to have kept most investors at bay.
Osamu Tamada
Because of fears over an early end to the quantitative monetary easing policy and overrated speculation of subsequent rate increases following the policy shift, we have seen last week yields rise to levels that fully price in a 0.5 percentage point rate hike.
Osamu Tamada
US Treasuries were sold down heavily (overnight) and this and the upcoming Golden Week holiday appear to have provided a cue for sellers.
Osamu Tamada
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