周三，日本10年期政府债券收益率稳定在1.45%左右，仍接近六周高点，因为全球贸易紧张局势的缓解抑制了对避险资产的需求。市场对中国和美国同意在90天内分别将关税暂时降至10%和30%的消息做出了反应，这是朝着缓和贸易冲突和降低全球经济衰退风险迈出的重要一步。与此同时，日本首相石破茂表示，日本不会接受与美国达成的任何遗漏汽车条款的初始贸易协议，并呼吁华盛顿取消对日本汽车25%的关税。在国内，投资者评估的数据显示，日本4月份生产者价格同比上涨4%，低于3月份的4.2%，这是自12月以来的最低涨幅。日本央行保持谨慎的政策立场，理由是经济状况和通胀趋势持续存在不确定性。

The yield on Japan’s 10-year government bond held firm around 1.45% on Wednesday, remaining near a six-week high as easing global trade tensions curbed demand for safe-haven assets. Markets reacted to news that China and the US agreed to temporarily lower tariffs to 10% and 30%, respectively, for a 90-day period—a notable step toward de-escalating their trade conflict and reducing the risk of a global economic downturn. Meanwhile, Japanese Prime Minister Shigeru Ishiba stated that Japan would not accept any initial trade deal with the US that omits provisions on automobiles, calling on Washington to scrap its 25% tariff on Japanese cars. Domestically, investors assessed data showing producer prices in Japan rose 4% year-on-year in April, down from 4.2% in March, marking the softest pace since December. The Bank of Japan has maintained a cautious policy stance, citing ongoing uncertainty over both economic conditions and inflation trends.

ForexLive亚太外汇新闻总结：否则日元将在低迷的一天上涨几个点。它始于私人（API）调查中显示的原油库存意外增加。油价在交易时段小幅下跌，大幅平局被认为是原因之一。

ForexLive Asia-Pacific FX news wrap: Yen adds on a few points on a subdued day otherwise.It began with a surprise build in crude inventory showing in the private (API) survey. Oil has dribbled a little lower during the session with the large draw cited as a contributor.

日本4月PPI同比上涨4%，连续第8个月创历史新高。日本4月份PPI同比上涨4.0%，略低于3月份的4.3%，与市场预期相符。尽管经济略有放缓，但该指数攀升至126.3的新高，连续第八个月创下新高，突显出批发层面的持续成本压力。

Japan's PPI rises 4% yoy in April, record high for 8th straight month.Japan's PPI rose 4.0% year-on-year in April, easing slightly from 4.3% yoy in March and matching market expectations. Despite the modest slowdown, the index climbed to a fresh record high of 126.3, marking the eighth consecutive month of new highs, highlighting persistent cost pressures at the wholesale level.

周三，日元兑美元汇率升至147，这是连续第二个交易日上涨，因为美元在低于预期的美国通胀数据后走弱。在美国和中国同意在90天内降低关税后，投资者还权衡了当前的全球贸易发展，尽管协议到期后贸易政策的方向仍存在不确定性。在双边方面，日本首相石破茂表示，日本不会接受与美国达成的不包括汽车条款的初步贸易协定，并呼吁华盛顿取消对日本汽车25%的关税。在国内，数据显示，日本4月份生产者价格指数同比上涨4%，低于3月份的4.2%，为12月以来的最低水平。与此同时，日本央行保持谨慎的政策立场，理由是经济活动和通胀动态的不确定性增加。

The Japanese yen strengthened toward 147 per dollar on Wednesday, marking its second consecutive session of gains, as the dollar weakened following softer-than-expected US inflation data. Investors also weighed ongoing global trade developments after the US and China agreed to reduce tariffs for a 90-day period, though uncertainty remains about the direction of trade policy once the agreement expires. On the bilateral front, Japanese Prime Minister Shigeru Ishiba stated that Japan would not accept an initial trade agreement with the US that excludes provisions on automobiles, calling on Washington to remove its 25% tariff on Japanese cars. Domestically, data showed that Japan’s producer prices rose 4% year-on-year in April, down from 4.2% in March, marking the slowest pace since December. Meanwhile, the Bank of Japan maintained a cautious policy stance, citing elevated uncertainty around both economic activity and inflation dynamics.