Tetsuya Miura Quotations

Forecasts were too high because the government spent less than expected.

It's time to buy. Short-dated debt, such as five- year notes, have fallen too much.

The yields in the short and midterm sectors have risen to levels that start to price in a possible end to zero-interest rates, as well as the end of the quantitative easing policy.

Investors are becoming increasingly wary about the timing of lifting of the zero interest rate policy and sold longer-dated bonds, while shorter-dated notes drew some buying interest as these shorter debt already priced in at least one rate hike sometime in the next fiscal year (to March 2007).

But if he makes remarks that are more hawkish than the market is expecting to hear, US Treasuries may be sold heavily and that may hurt the JGB market.