Naruki Nakamura
Naruki Nakamura
argument bank bias central concerned deflation interest japan level market neutral people pricing raise rates since start yields
People were concerned that the market will start pricing in the argument that the central bank will raise interest rates to a neutral level since deflation in Japan has ended. Yields will have a bias to rise.
digest longer needed percent sell
A sell off in the longer end may continue. A 2 percent yield, not only a coupon, is needed to digest the auction.
confident lower quite
Everyone is confident about 2006 growth. It may be lower than 2005, but it will still be quite solid.
almost april bias chance deny percent policy possible shift yields
Yields on bonds, especially five-year and shorter debt, will have a bias to rise. Fukui didn't necessarily deny a possible policy shift and I still see an almost 100 percent chance for an April move.