Japan's Bonds Fall for 2nd Day on Auction Selling, Stock Gains BusinessWeek
By Theresa Barraclough
April 22 (Bloomberg) -- Japanese bonds rose, snapping the first consecutive decline in two weeks, as stocks dropped on concern Greece may need to tap emergency loans to avoid default.
Ten-year yields approached the lowest level in six weeks after Greek Finance Minister George Papaconstantinou said the nation could activate a 45 billion-euro ($60 billion) emergency aid package led by the European Union before talks on the conditions for the loans conclude in two weeks. Greece has the European Union’s largest deficit. Japan’s Finance Ministry will sell 1.1 trillion yen ($11.8 billion) in 20-year bonds today.
“Investors are feeling secure buying bonds amid declines in stocks,” said Takafumi Yamawaki, a senior strategist in Tokyo at BNP Paribas Securities Japan Ltd., a unit of France’s largest bank. “The combination of stock losses, Treasuries gains and yen strength are reasons to purchase debt.”
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