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The idea that US interest rates will stay higher for longer is probably wrong 
The Japanese government bonds closed higher on the first trading day of the week Monday after investors have largely shrugged-off the better-than-expected rise in the country’s gross domestic product (GDP) for the first quarter of this year, released late yesterday, while markets still eye the super-long 30-year auction, scheduled to be held on June 13 by 03:35GMT for further direction in the debt market.
At close, the yield on the benchmark 10-year JGB note, which moves inversely to its price, slipped 1 basis point to -0.122 percent, the yield on the long-term 30-year slumped nearly 2-1/2 basis points to 0.373 percent and the yield on short-term 2-year plunged 19-1/2 basis points to -0.194 percent.
Both US stocks and bonds rallied on Friday on the back of heightening expectations of a “Powell Put”, fuelled by weak May US job data. Yield on 10-year US Treasury touched a low of 2.053 percent, the lowest since September 2017, OCBC Treasury Research reported.
Market has priced in a rate cut as early as July. On the trade tension front, the US announced that it will suspend the threat of tariffs on Mexico “indefinitely” after both sides reached a signed agreement on immigration issues, sending the S&P futures higher this morning, the report added.
Meanwhile, the Nikkei 225 index closed 1.12 percent higher at 21,118.50, while at 06:00GMT, the FxWirePro's Hourly JPY Strength Index remained highly bearish at -174.24 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
