Yields near 1.6 percent look attractive for buyers. Concern about GM prompted some flight-to-quality buying in Japanese bonds.
The trend for firm longer bonds and weak shorter debt will continue this month. Investors feel safer buying bonds on slumping stocks.
I don't think there are any investors who can say with confidence that 20-year bonds are a great buy with stocks rallying. It's natural to see some selling of bonds ahead of the auction.