The January figures were seasonal and temporary.

Many investors were sidelined awaiting the outcome of the 20-year JGB auction while firmer equity prices also kept market participants at bay.

There was some buying back in the early morning, but the market remains top-heavy, as market players are waiting for the results of auction of 10-year bonds this afternoon.

A rally in equities weighed on sentiment, while there was some caution ahead of the 30-year debt auction today.

We almost always see a seasonal dip.

a classic seasonal fourth quarter.