T-Notes Slip In Early Trade, Japanese Markets Reopen

T-Notes have retreated from Wednesday's high and last trade unch. at 132-17+, with cash Tsy yields seen 0.4-1.6bp higher across a steepened curve, as Japanese & Chinese participants are back in the game. Eurodollar futures run +0.5 to -0.5 tick through the reds. Fed's Rosengren spoke in the NY/Asia crossover, noting that policymakers need "a little more time" to determine the progress in economic recovery.

• JGB futures re-opened on a firmer footing on the first trading day in Japan this month. The contract last sits at 151.44, 10 ticks above previous settlement. Cash JGB yields are broadly lower, with the 5-7 sector outperforming at the margin. The outdated minutes from the BoJ's March MonPol meeting offered little in the way of fresh insight, with 6-Month Bill auction & BoJ's 5-25 Year Rinban ops coming up later today. Local news have been dominated by reports suggesting that the gov't is inclining toward extending state of emergency in Tokyo, Osaka, Kyoto & Hyogo.
• Australian YM trades +0.5 & XM unch. at typing, with cash ACGB curve seen bull flattening a tad. Bills trade unch. to -1 tick through the reds. RBA Dep Gov Debelle is set to speak on "Monetary Policy During Covid" this afternoon.