Group 1 - The latest economic indicators in the US show a slight increase in initial jobless claims, rising from a revised 226,000 to 240,000, which is above the market expectation of 230,000 [1] - The US GDP for the first quarter has been revised down from a contraction of 0.3% to a contraction of 0.2% [1] - Following the release of this data, US Treasury yields experienced a significant decline, reversing an earlier upward trend [1] Group 2 - The current yield on the 10-year Treasury note is reported at 4.471%, while the 2-year Treasury yield stands at 3.978% [1]

2025 年 05 月 29 日 国债期货：股债双调整，行情驱动有限谨慎观 望 | 虞堪 | 投资咨询从业资格号：Z0002804 | yukan@gtht.com | | --- | --- | --- | | 林致远 | 投资咨询从业资格号：Z0021471 | linzhiyuan@gtht.com | 【基本面跟踪】 现券方面：国债收益率曲线涨跌不一（2Y 期下移 0.03BP 至 1.47%；5Y 期上行 0.50BP 至 1.58%； 10Y 期下移 4.06BP 至 1.68%；30Y 期上行 0.50BP 至 1.91%。信用债收益率曲线涨跌不一（评级为 AAA 的中短期票据到期收益率 6M 期维持 1.75%；1Y 期上行 1.00BP 至 1.79%；3Y 期上行 3.50BP 至 1.80%； 5Y 期上行 8.00BP 至 2.07%。 请务必阅读正文之后的免责条款部分 1 5 月 29 日，国债期货收盘多数下跌，30 年期主力合约跌 0.04%，10 年期主力合约收平，5 年期主力 合约跌 0.01%，2 年期主力合约跌 0.01%。 国债期货指数为 0.48。量价因子看多，基本面因 ...

智通财经5月29日电，美国10年期国债收益率升4个基点至4.52%，市场削减未来降息押注。 ...

日本20年期国债收益率上升2个基点至2.415%。 ...

20年期日本国债收益率上升2个基点，至2.415%。 ...

美国10年期国债收益率上涨3个基点。 ...

美国5年期国债发行中标收益率低于发行前交易水平。 ...

美国五年期国债收益率回落，最新上涨5.3个基点，报4.076%。 ...

2/10年期德债收益率利差涨1.598个基点，报+75.435个基点。 周三（5月28日）欧市尾盘，德国10年期国债收益率涨2.2个基点，报2.554%，日内交投于 2.535%-2.561%区间。 两年期德债收益率涨0.7个基点，报1.797%，日内交投于1.789%-1.812%区间；30年期德债收益率涨3.0 个基点，报3.031%。 ...

Core Viewpoint - Japan has lost its position as the world's largest creditor nation to Germany for the first time in 34 years, with its net foreign assets reaching a record 533.05 trillion yen by the end of 2024, but still falling short of Germany's 569.65 trillion yen [1][3]. Economic Data - Japan's net foreign assets increased by 12.9% from the previous year, marking the seventh consecutive year of growth and surpassing 500 trillion yen for the first time [1]. - Japan's GDP in dollar terms decreased from $5 trillion in 2023 to $4.77 trillion in 2024, dropping to fourth place globally, while Germany's GDP reached $4.8 trillion [1][3]. - As of the end of 2024, Japan's foreign asset balance was 1,659.02 trillion yen, up 11.4% year-on-year, while foreign liabilities were 1,125.97 trillion yen, a 10.7% increase [3][4]. Investment Trends - Japanese companies have increasingly focused on direct investments rather than foreign bonds, with over 40% of reinvested earnings not returning to Japan, indicating a trend towards new investments [6][8]. - The five major Japanese trading companies, favored by Warren Buffett, have a high internationalization ratio, with four of them investing over 45% outside Japan [4]. - In 2024, Japan's investment in the U.S. reached 11.7 trillion yen, accounting for nearly 40% of its total foreign investments, the highest level since 2014 [4]. Currency and Economic Challenges - The depreciation of the yen has been significant, with the exchange rate reaching 157.89 yen per dollar by the end of 2024, an 11.7% increase from the previous year [3][5]. - Japan's economy faced a contraction in the first quarter of 2024, with GDP declining by 0.2% quarter-on-quarter and 0.7% year-on-year, attributed to weak personal consumption and external demand [5][6]. Policy and Market Reactions - The Bank of Japan is facing challenges in balancing its bond yield policies and quantitative easing, leading to supply-demand imbalances in the bond market [7][8]. - Concerns over Japan's fiscal sustainability are affecting investor sentiment towards Japanese government bonds, with potential implications for future investment strategies [8].