Some Light Pressure For Core FI In Asia

An uptick in e-minis (after Thursday's late U.S. tax-related pressure) and some cheapening in the Aussie bond space applied some light pressure to U.S. Tsys overnight. T-Notes last print -0-01 at 132-16+, 0-02 off lows, operating on a modest ~63K lots. Cash Tsys have seen some bear steepening, with 30s cheapening by a little over 2.0bp.

• JGBs have had little to go off, with focus on the impending formal declaration of the state of emergency covering Tokyo, Osaka, Kyoto and Hyogo prefectures, which is set to be in play between April 25 & May 11. Futures -2 at typing, with the early uptick unwound, while yields are little changed across the cash curve.
• Elsewhere, a more upbeat assessment of the Australian economy from Westpac's Bill Evans, which was coupled by a call for 3-Year ACGB yields to hit 0.80% come the end of 2022, applied weight to the space. There may have also been some trans-Tasman pressure, with the RBNZ delivering another (expected) cut to its weekly LSAP purchase target. Elsewhere, we found out that next week's AOFM issuance slate is particularly light.