橡胶 (Rubber) 加自选

日本10月工业生产环比增长1.4%，受汽车反弹影响，但波动仍将继续。日本10月份工业生产环比增长1.4%，大大超过了-0.6%的下降预期。反弹主要是由于机动车产量增长6.6%，该行业受益于美国对日本汽车的关税从9月中旬的27.5%降至15%。

Japan industrial production surges 1.4% mom in October on auto rebound, but fluctuation to continue.Japan's industrial production rose 1.4% mom in October, sharply beating expectations of a -0.6% decline. The rebound was driven primarily by a 6.6% jump in motor vehicle output, a sector benefiting from the U.S. tariff rate on Japanese cars being reduced to 15% from 27.5% in mid-September.

日本央行外汇干预：机制、影响和历史先例。日本的外汇（FX）干预是由一种独特的分工定义的，日本央行（BoJ）严格作为财政部（MOF）的代理人。外汇政策从根本上说是一项财政决策，在财政部长的授权下执行，以“遏制过度波动”并稳定被认为与经济基本面不符的汇率。

Bank of Japan's FX Intervention: Mechanism, Impact, and Historical Precedent.Foreign exchange (FX) intervention in Japan is defined by a unique division of labor where the Bank of Japan (BoJ) acts strictly as an agent for the Ministry of Finance (MOF). FX policy is fundamentally a fiscal decision, executed under the authority of the Minister of Finance to “contain excessive fluctuations” and stabilize exchange rates deemed inconsistent with economic fundamentals.

还款延迟引发了万科债务的恐慌性抛售。创历史新低，交易暂停。。周五，中国万科在岸债券跌至历史新低，加深了人们对中国最后一家投资级房地产开发商健康状况的担忧。此前，万科首次试图推迟偿还在岸债券，这对一家长期以来被认为是该行业最稳定的公司之一来说是一个重大的危险信号。

Repayment delay sparks panic selling in China Vanke debt. Record low, trading halt..China Vanke's onshore bonds tumbled to fresh record lows on Friday, deepening concerns over the health of one of the country's last remaining investment-grade property developers. The selloff came after Vanke sought to delay repayment on an onshore bond for the first time, a major red flag for a company long considered one of the sector's most stable names.

日元预测：东京通胀与美联储降息发生冲突。日本央行加息猜测上升，因为东京通胀和强劲的零售销售提振了日元预期，而美联储的降息则造成了美元/日元价格的波动。

Japanese Yen Forecast: Sticky Tokyo Inflation Clash with Fed Cut Bets.BoJ rate hike speculation rises as Tokyo inflation and strong retail sales lift yen expectations, while Fed cut bets create volatile USD/JPY price dynamics.