Shorter notes are difficult to buy compared with longer debt at the moment. The trend continues for a flattening curve.

The rally in stocks is hampering bonds. Investors also have become risk averse ahead of the fiscal year end.

With the worsening deflator, it’s difficult to justify a policy shift in March, and that made some people buy back bonds. The report shows that deflationary conditions are slow to improve, even though the nation...

People sold short-dated debt, such as five-year notes, as they are counting the days as to when the bank shifts policy. I am expecting the bank to make a change between April and June.