Core Viewpoint - The yield on Japan's 40-year government bonds has decreased by 5.5 basis points to 3.4% [1] Group 1 - The decline in the yield indicates a potential shift in investor sentiment towards long-term government bonds [1] - A decrease in yield may suggest increased demand for safer assets amid economic uncertainties [1] - The current yield level reflects broader trends in the bond market and may influence future monetary policy decisions [1]

Core Viewpoint - The yield on 40-year Japanese government bonds has decreased by 5.5 basis points to 3.4% [1] Group 1 - The decline in the yield indicates a potential shift in investor sentiment towards long-term government bonds [1] - A decrease in bond yields often reflects increased demand for safer investments amid economic uncertainty [1] - The current yield level may influence future borrowing costs for the government and impact overall economic conditions [1]

Core Viewpoint - The 30-year Japanese government bond yield has decreased by 1 basis point to 3.12% [1] Group 1 - The decline in the yield indicates a potential shift in investor sentiment towards long-term government bonds [1]

Core Viewpoint - The report indicates a decrease in the interbank currency market's trading volume and balance in the first half of 2025, with rising repo rates and a reduction in the average net lending balance of large commercial banks. However, bond issuance and net financing reached new highs, with an increase in bond trading and a flattening of the yield curve for government bonds [1]. Group 1: Currency Market Performance - The total trading volume in the currency market for the first half of the year was 78.62 trillion yuan, a decrease of 16.1% compared to the previous period, with an average daily transaction of 6.6 trillion yuan, down 10.5% [2][4]. - The average daily balance in the currency market decreased by 4%, with large commercial banks' average net lending balance dropping by 13%, while money market funds saw a 6% increase in their average net lending balance [6][8]. Group 2: Monetary Policy and Interest Rates - The central bank implemented a moderately loose monetary policy, leading to an overall increase in funding rates and greater volatility. The net injection of liquidity through various tools amounted to 36.863 trillion yuan in the first half of the year [4][5]. - The weighted average of DR001 and R001 increased by 5 basis points to 1.62% and 1.73%, respectively, while DR007 saw a slight increase of 4 basis points to 1.78% [5]. Group 3: Bond Market Developments - A total of 27.1 trillion yuan in bonds were issued in the first half of the year, marking a 3.8% increase from the previous period and a 24.1% year-on-year increase. Net financing reached 10.5 trillion yuan, up 3.3% from the previous period [9]. - The trading volume in the cash bond market increased by 11.3% compared to the previous period, with a total of 184 trillion yuan traded [10]. Group 4: Yield Curve and Credit Spreads - Government bond yields initially rose and then fell, with the 10-year government bond yield fluctuating between 1.6% and 1.9%. The yield curve flattened, and the credit spread narrowed for most bonds [11]. - The yield curve for interest rate swaps shifted upward, with an increase in average daily transaction volume by 22.7% in the first half of the year [12].

Group 1 - The 20-year Japanese government bond yield has increased by 0.5 basis points to 2.605% [1]

Core Viewpoint - The U.S. 10-year Treasury yield increased by 3.57 basis points, closing at 4.3798%, indicating a rising trend in long-term interest rates [1] Group 1 - The 10-year Treasury yield traded within a range of 4.3519% to 4.3957% during the day [1] - The 2-year Treasury yield rose by 4.66 basis points, closing at 3.88% [1] - The 2-year yield fluctuated between 3.8355% and 3.8885% throughout the day [1]

金十数据7月24日讯，美国总统特朗普上月将联邦债务成本作为敦促鲍威尔降息的新理由。但一项新的 分析显示，解雇美联储主席并迫使其降低利率无济于事。德意志银行首席美国经济学家Matthew Luzzetti等人写道，撤换鲍威尔不会改变财政部的债务利息成本。特朗普一再呼吁降息3个百分点，并称 这将节省超过1万亿美元。但根据德意志银行团队的计算，这样做虽然短期国债收益率下降，但长期国 债收益率上升，这是由于人们担心美联储更加顺从将意味着通胀率上升。具体来说，如果特朗普解雇鲍 威尔，财政部到2027年只能节省120亿至150亿美元。 德意志银行：解雇鲍威尔不会节省太多债务成本 ...

Group 1 - The core point of the article is that after the auction of 20-year U.S. Treasury bonds, the yield on these bonds decreased, currently reported at 4.942% [1]

英国国债跌幅扩大，10年期国债收益率上升5个基点，至4.62%。 ...

10年期日本国债收益率涨10个基点至1.6%，为2008年10月以来的最高水平。 日本10年国债收益率 ...