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日本5年期政府债券拍卖反映出适度谨慎。日本最近一次5年期政府债券拍卖的投标覆盖率为3.69，略低于9月份上一次拍卖的3.70，表明投资者的兴趣略有减弱。

Japan 5year Japanese Government Bond auction reflects modest caution.Japan's latest 5-year government bond (JGB) auction drew a bid-to-cover ratio of 3.69, marginally below 3.70 at the previous sale in September, signalling slightly softer investor appetite.

周四，随着投资者在中国“超级黄金周”假期后恢复市场活动，中国10年期政府债券收益率跌至1.85%左右，接近三周低点。旅游活动激增至创纪录水平，在此期间估计有24.3亿人次的跨区域客运，平均每天3.04亿人次。延长的中断突显了消费者需求的弹性和持续的经济势头，反映了中国正在向高质量和可持续增长过渡。在贸易方面，中国收紧了稀土出口规定，对加工技术引入了新的限制，并禁止未经授权的国际合作。更新后的政策规定，可能会拒绝向外国国防承包商和某些半导体制造商发放出口许可证。此外，未经政府正式批准，中国企业现在被禁止在海外从事稀土相关活动。

China’s 10-year government bond yield fell to around 1.85% on Thursday, marking a near three-week low as investors resumed market activity following the country’s “Super Golden Week” holiday. Travel activity surged to record levels, with an estimated 2.43 billion cross-regional passenger trips made over the period, averaging 304 million journeys per day. The extended break underscored resilient consumer demand and sustained economic momentum, reflecting China’s ongoing transition toward high-quality and sustainable growth. On the trade front, China tightened its rare earth export regulations, introducing new restrictions on processing technologies and prohibiting unauthorized international collaboration. The updated policy specifies that export licenses will likely be denied to foreign defense contractors and certain semiconductor manufacturers. Furthermore, Chinese enterprises are now barred from engaging in rare earth-related activities overseas without formal government approval.

周四，中国加强了稀土出口管制，扩大了对加工技术、未经授权的海外合作以及向国防和半导体用户出口的限制。商务部表示，此举澄清并扩大了4月份首次宣布的全面控制措施，该措施在与欧洲和美国达成协议允许恢复发货之前引发了全球短缺。中国生产了世界上约60%的开采稀土和90%的加工产出以及永磁体，永磁体是电动汽车、飞机发动机和军用雷达的关键材料。限制现在涵盖了更广泛的稀土磁铁，用于回收稀土的设备将需要出口许可证。新规定立即生效。

China tightened its rare earth export controls on Thursday, expanding restrictions on processing technology, unauthorised overseas cooperation, and exports to defence and semiconductor users. The Ministry of Commerce said the move clarifies and broadens sweeping controls first announced in April, which had triggered global shortages before deals with Europe and the U.S. allowed shipments to resume. China produces about 60% of the world’s mined rare earths and 90% of processed output and permanent magnets, key materials for electric vehicles, aircraft engines, and military radars. Restrictions now cover a wider range of rare earth magnets, and equipment used for recycling rare earths will require export licenses. The new rules take effect immediately.

周四，日本10年期政府债券收益率小幅回落至1.69%左右，但仍接近2008年以来的最高水平，尽管政治转变和疲软的数据降低了对日本央行进一步收紧政策的预期。保守党领袖高一真惠（Sanae Takaichi）是安倍经济学式刺激计划的坚定拥护者，她赢得了党内领导权竞选，使她成为日本下一任首相，并推动了对更高财政支出和持续宽松货币环境的押注。与此同时，8月份实际工资同比下降1.4%，延续了连续8个月的下降趋势，因为通货膨胀继续超过工资增长。日本央行行长上田和夫最近表示，如果经济和价格趋势保持正轨，加息可能会恢复，但他警告称，经济增长面临下行风险。投资者现在等待周五的生产者通胀数据，以获得更多的政策信号。

Japan’s 10-year government bond yield eased slightly to around 1.69% on Thursday but remained near its highest level since 2008, even as political shifts and weak data tempered expectations for further Bank of Japan tightening. Conservative leader Sanae Takaichi, a firm advocate of Abenomics-style stimulus, won the party leadership race, positioning her to become Japan’s next prime minister and fueling bets on higher fiscal spending and continued accommodative monetary settings. Meanwhile, real wages fell 1.4% in August from a year earlier, extending an eight-month streak of declines as inflation continued to outpace pay growth. BOJ Governor Kazuo Ueda recently stated that rate hikes could resume if economic and price trends stay on track but cautioned about downside risks to growth. Investors now await Friday’s producer inflation data for additional policy signals.