日本6个月期国债 (Japan6M) 加自选

欧元可能扩大涨幅；日元走强，但市场逆转风险依然存在。尽管主要货币对的修正运动似乎即将完成，但外汇市场仍面临普遍不确定性的压力。

Euro May Extend Gains; Yen Strengthens, but Market Reversal Risks Persist.The foreign exchange market remains under pressure from prevailing uncertainty, although corrective movements in major currency pairs appear to be nearing completion.

周三，日元兑美元汇率跌至147，结束了为期两天的反弹，因为政治不确定性打压了市场情绪。有报道称，尽管宣布了与美国的新贸易协议，但首相石破茂可能很快辞职。石破茂否认了这一猜测，称他“从未讨论过”辞职。在周末选举期间，执政联盟在上议院失去多数席位后，紧张局势升级，加剧了投资者对领导层稳定性的担忧。美国总统唐纳德·特朗普公布了一项与日本的贸易协议，其中包括对日本出口产品征收15%的关税，这加剧了市场波动。他还表示，日本将向美国投资5500亿美元，并向美国主要商品开放市场。Ishiba虽然确认他已经听取了有关这笔交易的简报，但没有提供任何细节，并重申了他捍卫“国家利益”的承诺

The Japanese yen weakened toward 147 per dollar on Wednesday, snapping a two-day rally as political uncertainty weighed on sentiment. Reports suggested Prime Minister Shigeru Ishiba may soon resign, despite the announcement of a new trade deal with the US. Ishiba denied the speculation, saying he had “never discussed” stepping down. Tensions escalated after the ruling coalition lost its majority in the upper house during weekend elections, adding to investor concerns about leadership stability. US President Donald Trump added to market volatility by unveiling a trade agreement with Japan that includes a 15% tariff on Japanese exports. He also said Japan will invest $550 billion into the US and open its markets to key American goods. Ishiba, while confirming he had been briefed on the deal, offered no specifics and reiterated his commitment to defending the “national interest.”

周三，日本10年期政府债券收益率飙升近10个基点，至1.59%左右，接近2008年以来的最高水平，因为围绕首相石破茂的政治不确定性日益增加。40年期日本政府债券的发行吸引了自2011年以来最疲软的需求。媒体报道称，尽管最近与美国达成了贸易协议，但石叶茂可能很快就会宣布辞职。然而，石叶茂否认了这一猜测，称他“从未讨论过”辞职。执政联盟在周末选举中失去上议院多数席位后，政治紧张局势加剧。加剧市场波动的是，美国总统唐纳德·特朗普宣布了一项与日本的贸易协议，其中包括对日本对美国的出口征收15%的关税。特朗普还透露，日本将向美国投资5500亿美元，并向美国主要商品开放市场。

Japan’s 10-year government bond yield surged nearly 10 basis points to around 1.59% on Wednesday, nearing its highest level since 2008 amid growing political uncertainty surrounding Prime Minister Shigeru Ishiba. A sale of 40-year Japanese government bonds attracted the weakest demand since 2011. Media reports suggested that Ishiba could soon announce his resignation despite the recent trade agreement with the US. However, Ishiba dismissed the speculation, stating he had “never discussed” stepping down. Political tensions have intensified following the ruling coalition’s loss of its upper house majority in weekend elections. Adding to market volatility, US President Donald Trump announced a trade deal with Japan that includes a 15% tariff on Japanese exports to the US. Trump also revealed that Japan will invest $550 billion into the US and open its markets to key American goods.

周三，日经225指数上涨3.51%，收于41171点，而更广泛的东证指数上涨3.18%，收于2926点。在美国总统唐纳德·特朗普宣布与日本达成贸易协议，包括对日本对美国出口征收15%的关税后，日本股市创下一年新高。特朗普还透露，日本将向美国投资5500亿美元，并向美国主要商品开放市场。这一消息引发了以日本汽车制造商为首的广泛上涨。丰田汽车上涨14.3%，本田汽车上涨11.2%，日产汽车上涨8.3%。金融、工业和消费类股也强劲上涨，反映出对贸易关系改善的乐观情绪。相比之下，科技股落后于大盘，隔夜追随美国科技股的下跌。与此同时，日本首相石破茂否认了有关他正在考虑根据美日贸易谈判结果下台的报道。

The Nikkei 225 rallied 3.51% to close at 41,171 while the broader Topix Index jumped 3.18% to 2,926 on Wednesday, with Japanese shares hitting one-year highs after US President Donald Trump announced a trade agreement with Japan that includes a 15% tariff on Japanese exports to the US. Trump also revealed that Japan will invest $550 billion into the US and open its markets to key American goods. The news sparked broad-based gains, led by Japanese automakers. Toyota Motor jumped 14.3%, Honda Motor rose 11.2%, and Nissan Motor climbed 8.3%. Financials, industrials, and consumer stocks also posted strong advances, reflecting optimism over improved trade relations. In contrast, technology shares lagged the broader market, tracking losses in US tech stocks overnight. Meanwhile, Prime Minister Shigeru Ishiba denied reports that he is considering stepping down from office depending on the outcome of US-Japan trade talks.