Japanese Government Bonds (JGBs) were mixed in early Tokyo trade, potentially tracking overnight price gains in U.S. Treasurys. JGB prices may also be buoyed by the ongoing decline in crude oil prices, which typically alleviates inflationary pressure in Japan and could reduce the urgency for the Bank of Japan to raise rates quickly. NAB senior economist Taylor Nugent noted that markets are looking for signs of progress towards a deal to reopen the Strait of Hormuz, which could impact oil prices.