Weak U.S. housing data fueled concern of a U.S. economic slowdown, triggering buying of bonds.
More Quotes from Tsutomu Kawasaki:
The auction was better than I expected and showed solid demand for the debt. The note has priced in speculation the central bank will shift monetary policy and the move was too excessive.Tsutomu Kawasaki
I think bonds look attractive enough to buy as yields are appealing. The decline in stocks is creating a comfortable situation for people to buy debt.
Tsutomu Kawasaki
Nakagawa's comment on monetary policy will probably keep bonds strong. Government pressure on the Bank of Japan not to change policy will put upward pressure on debt.
Tsutomu Kawasaki
Keeping rates near zero percent is creating concern among people in the market that inflation may speed up years from now. That's causing yields on long-term debt to jump.
Tsutomu Kawasaki
Bonds had priced in that the central bank will raise interest rates several times this year, and the bank is unlikely to do that. The yield curve flattened too rapidly, so I'm taking off such bets.
Tsutomu Kawasaki
Yields are set to climb as we see signs of inflation. Fukui's comments assured us he has not given up the plan to shift monetary policy.
Tsutomu Kawasaki
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