Many investors did not expect that yields would decline from the start of the year. They rather not to have a 1.4 percent coupon the new debt.

0

People in the market are staying on guard against advances in Japanese stocks after the rally in the U.S..

0

There is a group of people in the market who want to buy at the auction. The five-year sale will probably give medium-term debt a chance to rebound.

0

There will be little room for bonds to rise ahead of the auction. Some investors may not be in a rush to buy bonds.

0

A rapid gain in the yen will probably lower bond yields. The yen rose to a quite high level.

0