Holiday Lull

Predictably quiet start to the Asia-Pac session, with a number of markets across the region closed for the Lunar New Year holidays. T-Notes tread water, last trade -0-00+ at 136-27. Cash Tsy yields are little changed across the curve. Eurodollar futures last seen unch. to +0.5 tick through the reds.

• JGB futures have moved higher as Japanese markets re-opened after a public holiday. The contract sits at 151.67, 18 ticks above last settlement. Cash JGB yields trade lower across the curve. Local press reports have revolved around next month's BoJ MonPol meeting & questions re: Japan's state of emergency. There is an auction for 3-month Bills coming up later today.
• Aussie YM -0.5 & XM -2.0 as we type, both remain rangebound. ACGB curve has steepened a tad, yields sit -0.1bp to +2.5bp. Bills last seen -1 to +1 tick through the reds. The AOFM sold A$1.0bn of ACGB 3.25% 21 Apr 2029 and released its weekly issuance slate (see earlier bullets). On the news front, the Age reported that "Victoria Police is on stand-by for enforcing stay at home orders if the Victorian government decides to implement a snap lockdown."