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Quote of the day [ClearOnMoney]
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Commentary

Quote of the day

14 May 2013 by Jim Fickett.

From the Financial Times, on Japanese Government Bond Yields, which have risen strongly of late:

The FT style guide insists “spike” can be used only for a price move that goes up and back down again. Perhaps this is what Haruhiko Kuroda, Bank of Japan governor, had in mind when he said at the weekend there was no risk of Japanese bond yields spiking.

More likely he was just wrong.

More seriously,

Since Friday, 10-year Japanese yields have had their biggest three-day rise since 2003 – the last time Japan was serious about tackling deflation. The 10-year yield has now almost doubled from last month’s low, similar to the initial rise from an almost identical low a decade ago. …

The good news for Mr Kuroda is that rising yields suggest investors are starting to believe he will succeed in beating deflation. If they truly buy the story, yields have a lot further to rise.

So far the rise is still in the range that could easily be attributed to random noise, and does not strongly indicate a new trend. But it is something to watch closely.