The market is changing positions today, and a rise in US Treasury prices is one of the factors that pushed up the market.

Because of fears over an early end to the quantitative monetary easing policy and overrated speculation of subsequent rate increases following the policy shift, we have seen last week yields rise to levels that fully price in a 0.5 percentage point rate hike.

The auction result was disappointing and the market trend is already weak. Investors are staying on the sidelines and not buying.

Basically, investors are waiting for today's 20-year bonds auction results and are also closely watching movement in the equities market.

With no particularly strong leads today activity is pretty light.

Caution ahead of CPI appears to have kept most investors at bay.

The market trend is bad and there is unlikely to be any large-scale buying until after investors see the Bank of Japan's economic outlook report at the end of April.

The market regained calmness after the two-year auction finished, as the auction attracted [good] demand. But the market remains top-heavy.

Basically, the market mood hasn't changed from yesterday. Investors are taking a wait-and-see stance before Fukui's press conference.