Ten-year Treasuries fell around 4/32 in price to yield 1.486 percent, up roughly 2 basis points from late US trade on Monday.

The drop in Treasuries in Asia is probably due to profit-taking, but the US 10-year notes are likely to stay firm over the next couple of weeks, said a portfolio manager for a major Japanese bank in Tokyo.

"Other than profit-taking, I don't think we will see many factors that could lead to a rise in bond yields," the portfolio manager said, adding that second-quarter US economic growth might only be slightly above 1 percent. The economy grew at a 1.9 percent annual rate in the first quarter.

The 10-year yield may dip to 1.35 percent by the end of July, while the top of its range may be around 1.55 percent to 1.60 percent until then, the portfolio manager said.

The 10-year yield matched a historic low on Monday after data showed that US retail sales fell in June for the third straight month, the longest run of consecutive drops since 2008 when the country was mired in recession.

The 10-year Treasury yield fell as low as 1.442 percent on Monday, matching a level set on June 1, which was the lowest level dating back to the early 1800s, according to data compiled by Reuters.

The focus now shifts to Fed Chairman Ben Bernanke's testimony before two separate Congressional committees on Tuesday and Wednesday.