Everyone believes the BOJ is going to be delayed. |
Investors should prepare for a change in monetary policy. Hold off buying 10-year bonds as yields are going to grind higher. |
The current recovery relies less on external demand. |
The Japanese economy is ready to fly. |
Yields reached an attractive level, so some buying may come through, especially after the auction went well. Yields already reflect speculation about an economic recovery and a policy shift to some extent. |