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BBC MUNDO RADIO
Japan’s bonds fell for a second day on speculation rebuilding efforts in the wake of the March 11 earthquake will boost the economy and worsen the nation’s fiscal situation.
Benchmark 10-year yields rose as Prime Minister Naoto Kan has said he’s considering setting up a reconstruction agency. Bonds also fell as the yen weakened against the dollar, boosting the earnings outlook for Japan’s exporters.
“Expectations are rising about rebuilding efforts and their effects on the economy,” said Makoto Noji, a senior debt and foreign-exchange strategist at Nikko Cordial Securities Inc. in Tokyo. Yields below 1.25 percent “seem to be rather low.”
The yield on the 1.3 percent bond due March 2021 rose 1.5 basis points to 1.235 percent as of 1:09 p.m. in Tokyo at Japan Bond Trading Co., the nation’s largest interdealer debt broker. The price fell 0.135 yen to 100.576 yen.
Ten-year yields have fallen two basis points this month. A basis point is 0.01 percentage point.
Ten-year bond futures for June delivery declined 0.14 to 139.66 at the Tokyo Stock Exchange. Japan’s government bonds have handed investors a loss of 0.4 percent this quarter, according to an index compiled by Merrill Lynch & Co.
The yen fell 0.5 percent to 81.77 per dollar.
To contact the reporter on this story: Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net
To contact the editor responsible for this story: Nicholas Reynolds at nreynolds2@bloomberg.net
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