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.
More Quotes from 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
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
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
Weak U.S. housing data fueled concern of a U.S. economic slowdown, triggering buying of bonds.
Tsutomu Kawasaki
The time to sell debt is approaching. The production data showed Japan's economy is expanding and it may give the central bank more confidence to change policy. Bonds will probably stay heavy.
Tsutomu Kawasaki
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