Japanese government bonds are leading the global bond selloff, driven by quarter-opening seasonality and supply pressure, Societe Generale rates strategists say in a note. History suggests that long-end weakness may have further to run, particularly through the July auction cycle. At the same time, Prime Minister Sanae Takaichi's attempts to fiscally dominate monetary policy are colliding with solid fundamental data, they say. "PM's pressure keeps the front end anchored low, but the resulting distortion is spilling into the belly [intermediate segment of the curve] with behind the curve risk," they say. Societe Generale maintains a bearish view on the "belly". (emese.bartha@wsj.com)