21.   A rate increase in the U.S. would put pressure on the Bank of Japan to follow suit, hurting Japanese bonds.

22.   A rate increase would hurt bonds by making it more expensive for investors to finance bond investments.

23.   A smaller-than-expected decline in industrial output could hurt bonds by bolstering expectation that economic growth is picking up.

24.   A weaker dollar also hurt bonds.

25.   A weaker yen hurts bonds by eroding the return to foreign investors who convert bond income into rising currencies.

26.   A strong report could hurt Japanese bonds by boosting expectations that rates will rise in the U.S., pushing the dollar higher against the yen.

27.   A stronger economy raises the specter of higher interest rates, which hurt bonds.

28.   A surge in economic growth would trigger concern over inflation, prompting the Bank of Japan to raise interest rates from historic lows, hurting bonds.

29.   A strong report could hurt domestic bonds, which tend to be influenced by the larger U.S. market.

30.   A slumping dollar hurt bonds by fueling concern Japanese investors, the biggest foreign holders of U.S. debt, may purchase fewer Treasuries.