30年期日本国债收益率下跌9个基点，至2.945%。40年期日本国债收益率下跌10个基点，至3.435%。10 年期日本国债收益率下降2个基点，至1.485%。 ...

Group 1 - The S&P/TSX Composite Index in Canada rose by 0.75%, closing at 26,073.13 points, surpassing the previous all-time closing high set on May 20 [1] - The small-cap index increased by 1.21%, reaching 857.88 points, breaking the historical closing high of 850.25 points established on April 13, 2022 [1] - Canadian 10-year benchmark government bond yields fell by 2.5 basis points, while 2-year yields decreased by 0.50 basis points and 5-year yields dropped by 2.3 basis points [1]

Group 1 - Japan's 20-year government bond auction on May 20 had a subscription rate of only 2.5 times, the lowest since August 2012, indicating a lack of investor interest [1] - The tail difference in the auction reached 1.14 yen, the highest level since 1987, reflecting poor bidding conditions [1] - The rising yields on Japanese government bonds are linked to increasing yields on U.S. government bonds, influenced by international trends such as the U.S. government's "equivalent tariffs" [1][2] Group 2 - Domestic long-term bond investors in Japan are primarily banks, life insurance companies, pension funds, and foreign investors, with life insurance companies and pension funds being the main long-term holders [2] - Life insurance companies are not increasing their purchases of long-term bonds due to regulatory requirements to strengthen capital by 2025, while banks have been selling long-term bonds to avoid paper losses [2] - Foreign investors have become the main buyers of Japan's long-term bonds, with a net inflow of 2.3 trillion yen in April, marking a historical high for three consecutive months [4] Group 3 - The Japanese government's budget plan for fiscal year 2025 anticipated increased tax revenue and reduced spending, but uncertainties from U.S. tariff policies have clouded economic forecasts [3] - Political pressures from upcoming elections may lead to proposals for tax cuts without adequate revenue guarantees, risking fiscal instability similar to the "Truss shock" in the UK [3] - The Bank of Japan (BOJ) has indicated that the rise in long-term bond yields is not abnormal and has not taken measures to counteract it, which may further undermine confidence in long-term bonds [4][5] Group 4 - The BOJ's plan to reduce long-term bond purchases and the expectation of interest rate hikes contribute to domestic financial institutions' reluctance to invest in long-term bonds [4][5] - Despite the challenges, foreign investors view the depreciation of the yen and rising bond yields as an attractive investment opportunity [4] - The sustainability of Japan's fiscal situation is at risk due to the lack of domestic investors, making it difficult for the government to issue bonds [5] Group 5 - To address the investor shortage, the BOJ may need to signal a pause in interest rate hikes, which could depend on the yen's appreciation or significant rate cuts by the Federal Reserve [6] - The Japanese government should focus on ensuring fiscal revenue and developing sound fiscal policies to reduce reliance on bond issuance, aiming to bring bond yields back to rational levels [6]

Group 1 - The core viewpoint of the article highlights the fluctuations in German bond yields following President Trump's announcement to suspend EU tariffs until July, indicating a lack of reliability and stability in this approach [1] - The 10-year German bond yield decreased by 0.7 basis points to 2.560%, while the U.S. bond yield initially rose to 2.609% before experiencing a downward trend [1] - The 2-year German bond yield increased by 1.8 basis points to 1.782%, maintaining an upward trajectory throughout the day [1] Group 2 - The 30-year German bond yield fell by 2.3 basis points to 3.065%, reflecting a broader trend in the bond market [1] - The yield spread between the 2-year and 10-year German bonds decreased by 2.419 basis points, now at +77.622 basis points [1] - The UK bond market was closed during this period, indicating a potential impact on overall market dynamics [1]

Core Viewpoint - European bond yields experienced a decline on May 26, with notable decreases in France, Italy, Spain, and Greece, indicating a potential shift in investor sentiment towards safer assets [1] Group 1: France - The yield on French 10-year government bonds fell by 2.2 basis points to 3.240%, with a trading range of 3.296% to 3.235% during the day [1] Group 2: Italy - Italian 10-year government bond yields decreased by 2.9 basis points to 3.556%, with a trading range of 3.624% to 3.551% [1] Group 3: Spain - Spanish 10-year government bond yields dropped by 1.4 basis points to 3.179% [1] Group 4: Greece - Greek 10-year government bond yields fell by 2.2 basis points to 3.298% [1]

Core Viewpoint - The upcoming U.S. Treasury auctions will be a critical variable for market dynamics, as strong demand could lower yields and support the dollar, while weak demand may raise concerns about U.S. debt and weaken the dollar [1] Auction Details - The U.S. is scheduled to auction $69 billion in two-year notes on Tuesday, $70 billion in five-year notes on Wednesday, and $44 billion in seven-year notes on Thursday [1] - Strong demand in these auctions could alleviate market anxiety, potentially leading to a decline in Treasury yields and an increase in the dollar's value [1] Market Implications - If demand is weak, particularly from foreign institutions, it could reignite concerns regarding U.S. debt issues, resulting in rising yields and a weakening dollar [1]

周末特朗普关税威胁再起，今日资金面偏松，股债震荡。 早盘债市情绪偏积极，10Y国债利率微幅低开在1.6875%后最低下至1.682%附近。股市震荡，利率亦在 1.685%附近震荡。尾盘路透消息：总理表示还在研究储备新政策工具包括超常规措施，利率小幅回升 至1.69%附近。 为什么历经风雨也不一定做好？因为老手总是回头看过去，总是拿着过去的经验与现在做对比，却忘了 金融市场唯一不变的就是变。 ——笔记哥《应对》 【笔记20250526— 一年定存 30年降10%（+周末特朗普关税威胁再起+资金面均衡偏松=涨跌互现)】 资金面均衡偏松，长债收益率涨跌不一。 央行公开市场开展3820亿元7天期逆回购操作，今日有1350亿元逆回购到期，净投放2470亿元。 资金面均衡偏松，资金价格平稳，DR001在1.51%附近，DR007在1.65%附近。 今天看到一组"反直觉"的数据： 1、定存利率不断下降：以一年期定存利率为例，自1996年以来，从10.98%降至0.95%； | | 年期定存利率回忆录 | | | --- | --- | --- | | 年度 | 利率 | 万元利息 | | 1996 | 10.98% | 1 ...

此前，印度央行表示将向政府支付2.69万亿卢比的股息，低于市场预期。 印度10年期国债收益率上行3个基点至6.28%。 ...

日本40年期国债收益率下行7个基点至3.48%；30年期国债收益率下行7个基点至2.995%。 ...

日本40年期国债收益率下跌7个基点至3.48%。 ...