Japanese government bonds fell in early trading due to the possible reduction of tariffs in the USA, which decreases the safe-haven appeal of government bonds. Trump stated that next month he might soften his reciprocal tariff plans for USA trade partners, and some countries might receive exemptions. Japanese bond prices may also be affected by potential sell-offs before the end of Japan's fiscal year on March 31. Mitsubishi Morgan Stanley Securities fixed-income strategists expect that as the current fiscal year draws to a close, new purchases by domestic market participants in Japan will decrease.