There's an early close in the bond market today at 2 pm Eastern so it's an abbreviated session but certainly not a quiet one.

A crater in yields have turned into a large hold. US 5-year yields were down 22 bps at the lows but have trimmed that to just 12 bps. It's similar across the curve as the market fleshes out the state of play in the new quarter.

US 5 year yields

The moves highlight the difficulty in interpreting markets at the turn of the quarter and in holiday-thinned liquidity. With the turn in yields, USD/JPY has bounced.