A Little Cheaper To Start

There has been a slight cheapening bias in early Asia-Pac Tsy trade, following on from Monday’s weakness in the wider core FI sphere, with the major cash benchmarks running little changed to 1bp cheaper, while TYH3 ticks back towards yesterday’s low, last -0-02 at 114-02+, operating just above the base of its narrow 0-03+ range. There hasn’t been anything in the way of meaningful headline flow, which leaves regional reaction to Monday’s broader moves and perhaps some concern ahead of today’s BoJ meeting (where no policy changes are expected, despite a growing hawkish chorus emerging in recent weeks) at the fore.