Lead 10-year JGB futures are softer in early trade following a decline in U.S. Treasury prices Monday; the lead June contract is currently down 0.06 at 143.14. The pullback is attributed to "profit-taking inspired by rising U.S. stocks and falling Treasury prices," says Shuji Tonouchi, senior strategist at Mitsubishi UFJ Morgan Stanley Securities, in a research note. However, he adds that the market will be supported by sovereign debt concerns in Europe. Market players are closely looking at any bargain-hunting by investors as a way to gauge the durability of the recent bull run. 10-year cash bonds are yet to change hands, with a 0.850%-0.865% range tipped Tuesday vs 0.855% at Monday's close.
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