You are incorrect. The 10 year bond price is at its highest (historically speaking), which the bond interest rate is at its lowest (historically speaking). So, if you think that the rates are going higher, we all know that they will, bond prices will go lower. Therefore, short the 10 year bond market and this fund (TYO) is the one to buy!!! TYO is a strong buy! Rates are 100% going higher!!!!! The gov't needs to attract foreign buyers (China) to buy our bonds. Rates have to go up.