美国财政部副部长：日本的问题在于非关税壁垒。美国财政部副部长Faulkender在电报中表示，与日本的问题是非关税壁垒。美国财政部长贝森特不久将在CNBC上发表讲话。

US Deputy Treasury Secretary: The problem with Japan is nontariff barriers.Deputy US Treasury Secretary Faulkender is on the wires saying that the problems with Japan is non-tariff barriers. US Treasury Secretary Bessent will be speaking on CNBC shortly.

日本最大的工会集团Rengo预计本财年的最终平均工资将上涨5.25%。与往常一样，这些修订往往会被淡化，但这仍然比2024财年保证的5.10%的加薪要好。无论如何，这仍然标志着平均工资涨幅连续第二年超过5%。

Japan's largest union group Rengo sees final average wage hike of 5.25% this fiscal year.The revisions as always tend to be watered down but this is still better than the 5.10% wage hike secured for fiscal year 2024. And in any case, this still marks a second year running that the average wage hike exceeds 5%.

周四，日本10年期政府债券收益率升至1.45%以上，连续第二天上涨，对贸易谈判的乐观情绪提振了投资者信心。日本官员重申了他们与美国达成“双赢”贸易协议的承诺，但他们没有提供可能让步的细节。与此同时，唐纳德·特朗普总统加大了对东京的压力，称谈判“非常艰难”，并威胁要对日本进口商品征收高达35%的关税，理由是对日本有限购买美国大米和汽车的不满。进一步提振市场情绪的是，美国与越南敲定了一项贸易协议，其中包括对进口商品征收20%的关税，这增加了对更广泛贸易突破的希望。在国内方面，最近的数据显示，第二季度大型制造商的商业情绪出现了意外改善，这表明尽管全球贸易紧张局势加剧，日本工业部门仍具有潜在的弹性。

Japan’s 10-year government bond yield rose above 1.45% on Thursday, marking a second consecutive day of gains as optimism over trade negotiations lifted investor confidence. Japanese officials reiterated their commitment to achieving a “win-win” trade deal with the US, though they provided no details on possible concessions. Meanwhile, President Donald Trump increased pressure on Tokyo, calling the talks “really hard” and threatening to impose tariffs of up to 35% on Japanese imports, citing dissatisfaction with Japan’s limited purchases of American rice and automobiles. Further boosting sentiment, the US finalized a trade agreement with Vietnam that includes a 20% tariff on imports, raising hopes for broader trade breakthroughs. On the domestic front, recent data showed an unexpected improvement in business sentiment among large manufacturers in the second quarter, suggesting underlying resilience in Japan’s industrial sector despite rising global trade tensions.

日元是一项引人注目的交易，但也有代价。随着谨慎的央行、贸易战和持有日元的高昂成本使日元成为今年最受欢迎的交易之一，全球投资者正在解除对日元迅速升值的押注。

Japan's yen is a compelling trade but comes at a cost.Global investors are unwinding their wagers on Japan's yen rising quickly as a cautious central bank, a trade war and the prohibitive cost of holding the currency sour one of the year's most popular trades.