Fleursdumal
फूल की बुराई
Japan's Bonds Decline; Yields at Two-Month High Before Auction
Jan. 9 (Bloomberg) -- Japanese bonds fell, pushing 10-year yields to the highest in two months, on speculation traders were selling the securities to push up the yield at an auction of government debt tomorrow.
The 1.9 trillion yen ($16 billion) offering will be the government's first bond sale this year and investors may hold off buying on concern the central bank will raise interest rates next week. Yields in pre-auction trading suggested the coupon will match the payout on last month's securities, which drew the lowest demand in three months.
``Traders are selling with the auction in mind,'' said Satoshi Yamada, who helps oversee the equivalent of $6.7 billion at Japan Investment Trust Management Co. in Tokyo. ``It's difficult to justify buying bonds with an interest-rate hike on the cards next week.''
The yield on the benchmark 10-year bond rose 2.5 basis points, or 0.025 percentage point, to 1.735 percent as of 3:30 p.m. in Tokyo, according to Japan Bond Trading Co., the nation's largest interdealer debt broker. Its yield earlier rose to 1.745 percent, the most for a 10-year security since Nov. 8. The price of the 1.7 percent security due December 2016 fell 0.212 yen to 99.703 yen.
Yamada said he increased the level of cash in his portfolio and that yields may end this month at 1.85 percent.
Ten-year bond futures for March delivery fell 0.10 to 133.64 as of the afternoon close on the Tokyo Stock Exchange.
The U.S. economy, Japan's largest export market, is showing signs of accelerating again, former Federal Reserve Chairman Alan Greenspan told Japan's Finance Minister Koji Omi, according to a Japanese finance ministry official.
`Discount the Possibility'
Bonds extended declines from last week as traders raised bets the Bank of Japan will lift interest rates Jan. 18.
Contracts for the exchange of overnight interest rates suggest a 74 percent chance of a quarter-point increase at the two-day policy meeting, up from 70 percent a week earlier, according to Credit Suisse Group.
```The market needs to discount the possibility of a rate hike this month,'' said Keiko Onogi, a fixed-income strategist in Tokyo at Daiwa Securities SMBC Co., a subsidiary of Japan's second-largest brokerage. Ten-year yields may rise to 1.75 percent this week, she said.
The central bank raised interest rates in July as consumer prices excluding fresh food snapped seven years of declines. They rose 0.2 percent in November from a year earlier. Prices excluding food and energy fell 0.2 percent.
Omi said after a speech at the Center for Strategic and International Studies in Washington yesterday that he doesn't think Japan is in deflation and that the Bank of Japan should ``support'' economic growth.
Omi Speech
I personally ``don't think Japan's situation is deflation,'' Omi said.
Longer-maturity debt may also fall after the Yomiuri newspaper reported the Ministry of Finance will sell 50 billion yen of 40-year bonds this autumn.
It will be the first time the government has sold 40-year securities, the report said, without saying where it obtained the information. The longest maturity debt it has so far issued is 30 years.
The ministry is seeking to sell bonds with a longer maturity because interest rates are likely to rise as the economy improves, the report said. The government will determine prices after assessing demand from institutional investors, the newspaper said.
Jan. 9 (Bloomberg) -- Japanese bonds fell, pushing 10-year yields to the highest in two months, on speculation traders were selling the securities to push up the yield at an auction of government debt tomorrow.
The 1.9 trillion yen ($16 billion) offering will be the government's first bond sale this year and investors may hold off buying on concern the central bank will raise interest rates next week. Yields in pre-auction trading suggested the coupon will match the payout on last month's securities, which drew the lowest demand in three months.
``Traders are selling with the auction in mind,'' said Satoshi Yamada, who helps oversee the equivalent of $6.7 billion at Japan Investment Trust Management Co. in Tokyo. ``It's difficult to justify buying bonds with an interest-rate hike on the cards next week.''
The yield on the benchmark 10-year bond rose 2.5 basis points, or 0.025 percentage point, to 1.735 percent as of 3:30 p.m. in Tokyo, according to Japan Bond Trading Co., the nation's largest interdealer debt broker. Its yield earlier rose to 1.745 percent, the most for a 10-year security since Nov. 8. The price of the 1.7 percent security due December 2016 fell 0.212 yen to 99.703 yen.
Yamada said he increased the level of cash in his portfolio and that yields may end this month at 1.85 percent.
Ten-year bond futures for March delivery fell 0.10 to 133.64 as of the afternoon close on the Tokyo Stock Exchange.
The U.S. economy, Japan's largest export market, is showing signs of accelerating again, former Federal Reserve Chairman Alan Greenspan told Japan's Finance Minister Koji Omi, according to a Japanese finance ministry official.
`Discount the Possibility'
Bonds extended declines from last week as traders raised bets the Bank of Japan will lift interest rates Jan. 18.
Contracts for the exchange of overnight interest rates suggest a 74 percent chance of a quarter-point increase at the two-day policy meeting, up from 70 percent a week earlier, according to Credit Suisse Group.
```The market needs to discount the possibility of a rate hike this month,'' said Keiko Onogi, a fixed-income strategist in Tokyo at Daiwa Securities SMBC Co., a subsidiary of Japan's second-largest brokerage. Ten-year yields may rise to 1.75 percent this week, she said.
The central bank raised interest rates in July as consumer prices excluding fresh food snapped seven years of declines. They rose 0.2 percent in November from a year earlier. Prices excluding food and energy fell 0.2 percent.
Omi said after a speech at the Center for Strategic and International Studies in Washington yesterday that he doesn't think Japan is in deflation and that the Bank of Japan should ``support'' economic growth.
Omi Speech
I personally ``don't think Japan's situation is deflation,'' Omi said.
Longer-maturity debt may also fall after the Yomiuri newspaper reported the Ministry of Finance will sell 50 billion yen of 40-year bonds this autumn.
It will be the first time the government has sold 40-year securities, the report said, without saying where it obtained the information. The longest maturity debt it has so far issued is 30 years.
The ministry is seeking to sell bonds with a longer maturity because interest rates are likely to rise as the economy improves, the report said. The government will determine prices after assessing demand from institutional investors, the newspaper said.
però che non sappiano ancora un tubo di ste cose è gravissimo 
ma che razza di brokeronline son diventati 
