Japanese government bond futures are under pressure as traders are increasingly pricing in the possibility of a consumption tax reduction. The speculation stems from recent policy discussions, which has sparked considerable activity in the JGB market. Lower tax expectations could reshape fiscal dynamics and influence both domestic and international investor positioning in Japanese fixed-income assets. Market participants are closely watching policy signals, as any consumption tax adjustment would have ripple effects across government revenue projections and potentially affect the broader bond curve. Current price action suggests investors are already repositioning ahead of potential announcements.