The reduction in sales is a plus for bonds. Investor confidence in the government's ability to manage public debt is increasing.

There's constant demand for longer debt from pension funds and other investors who follow the index.

Investors feel there is no need to aggressively buy bonds now as yields may continue climbing amid signs of solid economic growth.

I expect bonds to keep rising. Economic growth is facing obstacles.

There is a solid demand for long-term bonds with a 20- to 30-year maturity. Twenty-year yields around 2.2 percent are attractive.

A decline in stocks is giving a boost to bonds.