Treasuries fell for a second day following a report that showed an expansion at Chinese factories in March and before data this week that economists said will show U.S. manufacturing and employment increased.

U.S. government securities extended declines after handing investors a 1.3 percent loss in the first quarter, the most since the last three months of 2010, according to Bank of America Merrill Lynch indexes. Treasuries slid as the world’s largest economy shows signs of improvement, marking a shift from last year, when they returned 9.8 percent, the figures show.

“The best is over for Treasuries,” said Hiroki Shimazu, an economist in Tokyo at SMBC Nikko Securities Inc., a unit of Japan’s third-largest publicly traded bank by assets. “The labor market is much stronger than in the second half of last year. Manufacturing will stay at a high level.”

Ten-year yields rose three basis points to 2.25 percent as of 10:22 a.m. in Tokyo, according to Bloomberg Bond Trader prices. The price of the 2 percent security due in February 2022 slid 9/32, or $2.81 per $1,000 face amount, to 97 26/32.

Japan’s 10-year yield advanced 2 1/2 basis points to 1.01 percent. It was the biggest increase in two weeks.

Payrolls in the U.S. probably increased in March by more than 200,000 workers for a fourth month, according to a Bloomberg News survey of economists. The Labor Department reports the figure on April 6.

The Institute for Supply Management’s factory index, scheduled for today, probably rose to 53 in March from 52.4 the previous month, a separate Bloomberg survey showed.

A Purchasing Managers’ Index (CPMINDX) for manufacturing in China rose to a one-year high of 53.1 last month, the country’s logistics federation and the National Bureau of Statistics said yesterday. The gauge has a pattern of rising each March.

Money managers became more bearish on U.S. government debt in a weekly survey by Ried Thunberg ICAP, a unit of the world’s largest interdealer broker. Ried’s index on the outlook through June fell to 46 from 47. A figure below 50 shows investors expect Treasuries to decline.

To contact the reporter on this story: Wes Goodman in Singapore atwgoodman@bloomberg.net

To contact the editor responsible for this story: Rocky Swift at rswift5@bloomberg.net

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