Treasuries advanced for a third day, with U.S. 10-year notes hovering near their lowest level since May 2013, down 4 bps at 1.87%. "It’s all about oil," said a bond trader at Bank of Nova Scotia. "Inflation expectations keep coming down. That’s forcing the bond market to rally." Japan’s five-year yield fell to zero for the first time today, while the country's 10-year yield and Australia’s 15-year yield also dropped to new records.