Japanese investors, traditionally among France's most loyal lenders, are not yet convinced that French political risks have faded and are staying away from the country's bonds.

Some even exploited a rally in French government bonds last week to sell down their positions further, one London-based trader said.

Investors piled into French government bonds after centrist Emmanuel Macron took the lead over far-right leader Marine Le Pen in the first round of presidential elections on April 23.