在与日本和欧盟达成贸易协定后，8月1日的最后期限变得越来越无关紧要。欧洲股市最初对美欧15%的贸易协议表示欢迎，但在整个交易时段，热情逐渐消退。虽然避免了最坏的无协议脱欧情况，并为公司提供了具体的应对措施（即减少不确定性），但关于有利于美国的“不平衡”协议的广泛讨论开始影响市场情绪。

After Trade Agreement with Japan and EU, August 1 Deadline Becomes Increasingly Irrelevant.European stocks initially welcomed the US-EU 15% trade deal but enthusiasm died out gradually through the session. While avoiding a worst-case no-deal scenario and offering companies something concrete to deal with (ie less uncertainty), extensive talk of a “lopsided” agreement favouring the US began to weigh on sentiment.

在东京，日经225指数周二下跌396点，跌幅0.97%。领跌的是马自达汽车（-2.96%）、日产（-2.88%）和三菱重工（-2.38%）。

In Tokyo, the Nikkei 225 Index fell 396 points or 0.97 percent on Tuesday. Leading the losses are Mazda Motor (-2.96%), Nissan (-2.88%) and Mitsubishi Heavy Industries (-2.38%).

日本央行前的定位提振日元，美元保持领先地位。日元在亚洲时段广泛回升，这可能得益于周四日本央行政策决定前的空头回补。交易员可能正在为央行最新经济预测的意外做好准备，特别是在上周美日贸易协议消除了一些与贸易有关的不确定性之后。

Pre-BoJ Positioning Lifts Yen, Dollar Holds Top Spot.Yen recovered broadly in Asian session, likely helped by short-covering ahead of Thursday's BoJ policy decision. Traders may be bracing for surprises in the central bank's updated economic projections, particularly after last week's US-Japan trade deal lifted some trade-related uncertainty.

周二，日本10年期政府债券收益率小幅升至1.57%左右，从上一交易日的下跌中反弹，因为投资者在本周日本央行政策会议之前做好了准备。人们普遍预计，由于美国最近关税对经济的影响存在不确定性，日本央行将保持利率不变。然而，央行可能会在其季度展望中上调通胀预测，反映出持续的价格压力。市场还将密切关注日本央行债券购买指导的任何调整，这可能会影响未来的收益率走势。上周，美国和日本达成贸易协议，对日本出口商品征收15%的关税，低于唐纳德·特朗普总统最初提出的25%的税率，日本国债收益率上涨。与此同时，东京7月份的通胀数据仍远高于日本央行2%的目标，这强化了人们对近期可能出台紧缩政策的预期。

Japan’s 10-year government bond yield edged up to around 1.57% on Tuesday, rebounding from the previous session’s decline as investors positioned ahead of the Bank of Japan’s policy meeting this week. The BOJ is widely expected to keep interest rates unchanged amid uncertainty over the economic fallout from recent US tariffs. However, the central bank is likely to raise its inflation forecast in its quarterly outlook, reflecting ongoing price pressures. Markets will also closely watch for any adjustments to the BOJ’s bond purchase guidance, which could influence yield movements going forward. Last week, JGB yields rose after the US and Japan reached a trade deal that imposed a 15% tariff on Japanese exports—lower than the 25% rate initially proposed by President Donald Trump. Meanwhile, Tokyo’s July inflation reading remained well above the BOJ’s 2% target, reinforcing expectations that a policy tightening may be on the table in the near future.