This is insightful: http://www.reuters.com/article/bondsNews/idUSN1541453320070315
The Reuters story left a few things out.
According to my sources on the Street, Molinaro says Bear is waiting for a further shake out in subprime which could extend its purchase time frame out to Q3.
This is extremely important: Bear acknowledged today that IF the BOJ lifts rates liquidity will be impacted and that it is not able to quantify potential impact.
My take: as noted last night... all roads these days lead to the BOJ and the direction of the Japanese Yen, this cannot be understated.