Japan & Australia Witness Bull Flattening

With e-minis trading on a slightly softer footing, T-Notes have continued to grind higher, extending gains registered on the back of a strong 30-Year auction yesterday. T-Notes last trade +0-01+ at 132-04, sticking to a 0-01+ range so far. Cash Tsy yields remain virtually unchanged across the curve. Eurodollar futures trade unch. to +0.5 tick through the reds.

• JGB futures re-opened slightly shy of overnight highs, but still sit +13 ticks vs. Tuesday's settlement, last at 151.36. Cash JGB yields trade lower across a flattened curve. Local core machine orders came and went, posting an unexpected drop in Feb. BoJ Gov Kuroda is set to speak later today, while the BoJ will conduct its 1-10 Year Rinban ops.
• Australian YM trades +1.0, with XM last +6.0 & both sticking to tight ranges. Cash ACGB yields trade lower, curve runs flatter. Bills last seen -1 to +1 tick through the reds. Westpac Consumer Confidence, due at the bottom of the hour, takes focus in Australia. RBNZ MonPol decision across the Tasman will also provide some interest.