Andrew Roberts, RBS's credit strategist, is quoted by the Telegraph:
“We are seeing `Japanification’ setting in across Europe.In theory, as economic predictions are always "theoretical", either the ECB launches massive QE in which case it will buy bonds, or it won't in which case bond yields will collapse further.
We expect 10-year Bund yields to cross the 10-year Japanese government bond and we are amply positioned for such an outcome.”
Either way, in theory, bond prices will rise.
Theory and reality have, of course, a nasty habit of becoming disconnected!