多资产周报：债巨浪冲击全球市场

Group 1: Market Impact - The 40-year Japanese government bond yield surpassed 4% on January 20, marking a historical high, with a single-day increase exceeding 25 basis points[1] - Japan's fiscal policy changes, including a supplementary budget expected to increase annual deficits by approximately 5 trillion yen, have raised concerns about sovereign credit risk[13] - The rise in Japanese bond yields has led to a significant capital repatriation effect, decreasing the attractiveness of U.S. Treasuries for Japanese investors[14] Group 2: Asset Performance - From January 17 to January 24, the CSI 300 index fell by 0.63%, the Hang Seng index decreased by 0.36%, and the S&P 500 also dropped by 0.36%[15] - The U.S. dollar index declined by 1.88%, while the offshore yuan appreciated by 0.27% during the same period[15] - Gold prices increased by 7.27%, and silver prices rose by 9.04%, indicating a shift towards precious metals amidst market volatility[15] Group 3: Inventory and Positioning - The latest oil inventory stood at 44,684 million tons, an increase of 44,935 million tons from the previous week[26] - The latest week saw a decrease in long positions in the U.S. dollar by 1,926 contracts, while short positions increased by 762 contracts[31] - The gold ETF size rose to 34.93 million ounces, up by 30,000 ounces from the previous week[31]