Bonds will probably show a gradual decline toward when the central bank will shift monetary policy. The possibility of a policy shift will stay in the minds of investors, preventing them from buying debt.
More Quotes from Akitsugu Bandou:
The market is staying alert for Muto's speech. There is no consensus on when the bank will start raising rates, and people are wondering whether he will say anything concrete about the timing.Akitsugu Bandou
There was a concern ahead of the auction whether there is enough demand for the long-dated debt, such as 20-and 30-year bonds. Thirty-year debt has fallen to a level where investors can think about buying.
Akitsugu Bandou
The Bank of Japan will try its best not to cause any opposition from the government about a shift in monetary policy.
Akitsugu Bandou
It is very doubtful the 10-year yield reflects the outlook the central bank will soon change monetary policy. It is hard for investors to buy debt when the economy has strong growth momentum.
Akitsugu Bandou
Thirty-year debt reached a level where investors can think about buying. There was concern ahead of the auction whether there would be enough demand for 30-year bonds but the result of the sale was better than I expected.
Akitsugu Bandou
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