Makoto Yamashita
Makoto Yamashita
bonds economy economy-and-economics hard recovering rise trend
Bonds will find it hard to rise today. The fundamental trend that the economy is recovering has not changed.
lack supply support
Support from a lack of new supply will be short-lived.
bonds change extend fact headed higher rates
Bonds will extend declines. There is no change in the fact that rates are headed higher in Japan, the U.S. and Europe.
auction consumer focus heavy market policy pressure prices rise schedule shift timing top
On top of a heavy auction schedule in January, if a rise in consumer prices is confirmed, the market will shift its focus to the approaching timing of a BOJ policy shift and keep up pressure especially on the shorter maturities.
bonds economy economy-and-economics extend overseas sudden unless upside
The upside for bonds will be heavy. Unless there is a sudden slowdown in overseas economies, Japan's economy will probably extend its recovery.
bonds consumer core prices rally unlikely
We're unlikely to see a rally in medium-term bonds with core consumer prices edging up.
data enhanced further increases interest japan last lingering payroll rates stay view worries zero
While there is lingering view that interest rates in Japan will not stay effectively at zero after the end of the five-year-old 'quantitative easing' last week, stronger-than-expected non-farm payroll data enhanced worries about further rate increases in the US.
clearly consumer demand higher investors prices rise starting
We can clearly see consumer prices starting to rise and investors are going to demand higher yields.