Mitsubishi Morgan: Due to continued interest rate fluctuations, the auction of 5-year government bonds was "slightly weak."

A bond strategist at Mitsubishi UFJ Morgan Stanley Securities said in a phone interview that the five-year bond auction "was a bit soft, but still within what we consider a safe range." The lowest bid was slightly lower than expected, and the bid-to-cover ratio was also lower. At present, market expectations for the Bank of Japan to raise interest rates early have slightly decreased, but it is still possible for a rate hike by June or July at the latest.