Group 1 - The core point of the article is that Japanese 10-year government bond futures are maintaining an upward trend following reports about Japan's plans to reduce the issuance of ultra-long-term bonds [1] Group 2 - The news indicates a potential shift in Japan's bond issuance strategy, which could impact market dynamics and investor sentiment [1] - The reduction in ultra-long-term bond issuance may lead to increased demand for shorter-term bonds, influencing yield curves [1] - This development reflects broader trends in fiscal policy and market responses to government debt management [1]

Core Viewpoint - The Japanese government is focusing on enhancing communication with market participants to stabilize the buying and selling of government bonds, especially as the Bank of Japan reduces its bond purchases [1][2]. Group 1: Government Bond Market Dynamics - The Japanese Finance Minister, Kato Katsunobu, emphasized the importance of communication with the market to ensure government bonds remain attractive to investors [1]. - The upcoming meeting on June 20 with major dealers is expected to address concerns regarding the government's bond issuance strategy amid rising long-term bond yields [1][2]. - There is a growing expectation that the Finance Ministry may adjust its debt issuance plan, potentially increasing short-term bond issuance while decreasing long-term bonds [2]. Group 2: Impact of Central Bank Policies - The recent volatility in long-term bond yields has been partly attributed to life insurance companies no longer needing to strictly adhere to regulatory capital requirements [2]. - The Bank of Japan has been gradually reducing its bond purchases since August of the previous year, which has raised concerns about the demand for Japanese government bonds [2]. Group 3: Attracting Investors - Kato highlighted the need for Japan to attract more domestic and foreign investors into the government bond market, suggesting that developing more attractive bond products could help meet this demand [3]. - The Finance Minister noted that while interest rates are under the purview of the central bank, the Finance Ministry is responsible for ensuring that government debt remains purchasable [3].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Short - term: During the negotiation window, gold prices are expected to fluctuate repeatedly at high levels. Silver prices may face pressure from the dollar's rebound, and the upside space is relatively limited in the long - term due to economic risks and demand slowdown [4] - Medium - to - long - term: With the trade war background, potential US economic risks, possible Fed rate cuts, and continued central bank gold purchases, gold still has long - term allocation value, and the strategy is to buy on dips [4] Summary by Related Catalogs 1. Price Tracking - On May 27, 2025, compared with May 26, 2025, London gold spot price was down 0.8% to $3308.85/ounce, London silver spot price was down 1.1% to $33.11/ounce. Various gold and silver futures and spot prices in different markets also showed declines [3] 2. Spread/Ratio - On May 27, 2025, compared with May 26, 2025, the spread of gold TD - SHFE active price increased by 5.1%, while the spread of silver TD - SHFE active price decreased by 13.5%. Other spreads and ratios also had different degrees of changes [3] 3. Position Data - As of May 23, 2025, compared with May 22, 2025, the gold ETF - SPDR decreased by 0.15% to 922.46 tons, the silver ETF - SLV increased by 0.60% to 14217.50369 tons. Non - commercial positions in COMEX gold and silver also had corresponding changes [3] 4. Inventory Data - On May 27, 2025, compared with May 26, 2025, SHFE gold inventory remained unchanged, SHFE silver inventory increased by 3.23%. COMEX gold inventory decreased by 0.01%, and COMEX silver inventory decreased by 0.36% [3] 5. Related Market Data - On May 27, 2025, compared with May 26, 2025, the US dollar index increased by 0.06%, and other related market data such as US bond yields, VIX, S&P 500, etc. also had different changes [4] 6. Market News and Analysis - News includes the statement of the Fed's next - year voter about a longer pause in easing and Japan's possible adjustment of bond issuance plan. The short - term and medium - to - long - term logics for precious metals are analyzed [4]

Core Viewpoint - The report by Mitsubishi UFJ highlights that the depreciation of the yen may still have room to continue due to the significant drop in Japanese government bond yields [1] Group 1: Currency Analysis - Analysts suggest that the depreciation of the yen is limited by the recent substantial decline in long-term Japanese government bond yields [1] - Market speculation indicates that Japan is considering adjustments to its bond issuance plans to support ultra-long-term bonds, contributing to the lower yields [1] Group 2: Market Sentiment - The report notes that despite the yen's weakness, factors such as weak demand for the dollar, unpredictable trade policies from President Trump, and the potential for the Federal Reserve to cut interest rates later this year could lead to renewed buying of the yen [1]

Group 1 - The 10-year Japanese government bond yield has decreased by 5 basis points to 1.455% [1] - The 20-year Japanese government bond yield has seen a larger decline of 13.5 basis points [1] - Sources indicate that the Japanese Ministry of Finance is considering adjustments to the current fiscal year's bond issuance plan, which may include a reduction in the issuance of ultra-long-term bonds [1]