Via David Ader at CRT Capital:
OVERNIGHT FLOWS: Treasuries were under pressure overnight following the BoJ’s surprise announcement of an increased monetary base (i.e. more QE). Overnight volumes were strong with cash trading at 144% of the 10-day moving-average, while TY came in at 179% of norm. 10s were the most active issue, taking a 37% marketshare, while 5s were a distant second at 26%. 2s and 3s combined to take 21% at 11% and 10%, respectively.