2025年6月，日本服务业指数从上个月的44.4升至45.0，但略低于市场预期的45.2。尽管有所改善，但由于服务业和就业状况持续疲软，该指数标志着连续第15个月出现整体收缩。然而，在食品和饮料行业增长的支持下，与家庭相关的活动有所改善。受非制造业增长的推动，商业相关趋势也有所上升。与此同时，6月份的经济前景指数从5月份的44.8升至45.9，创下四个月来的最高水平，这得益于对夏季奖金和加薪的预期，尽管对经济复苏疲软的迹象仍存在担忧。

Japan’s service sector gauge rose to 45.0 in June 2025, up from 44.4 in the previous month but slightly below market expectations of 45.2. Despite the improvement, the reading marked the fifteenth consecutive month of overall contraction, driven by continued weakness in the service industry and employment conditions. However, household-related activity improved, supported by growth in the food and beverage sector. Business-related trends also rose, aided by gains in the non-manufacturing sector. Meanwhile, the economic outlook index increased to 45.9 in June, up from 44.8 in May, marking the highest level in four months, supported by expectations of summer bonuses and wage hikes, though concerns remained over signs of a weak economic recovery.

日本10年期政府债券收益率升至1.50%，为2025年6月以来的最高水平。过去4周，日本10年期债券收益率上涨0.94个基点，过去12个月上涨41.23个基点。

Japan 10 Year Government Bond Yield increased to 1.50%, the highest since June 2025. Over the past 4 weeks, Japan 10Y Bond Yield gained 0.94 basis points, and in the last 12 months, it increased 41.23 basis points.

周二，日本10年期政府债券收益率升至1.47%以上，创下三周新高，此前美国总统唐纳德·特朗普宣布对日本商品征收25%的关税，该关税将于8月1日生效。虽然低于此前威胁的35%，但关税仍远高于对大多数国家征收的10%的基准，这给东京与华盛顿达成贸易协议增加了压力。日本首相石破茂表示，日本将继续与美国谈判，以达成互利协议。在经济方面，日本5月份的经常账户盈余高于预期，为外部平衡提供了积极信号。然而，本周早些时候公布的低于预期的工资增长数据降低了对日本央行进一步加息的预期，限制了收益率的上升势头。

Japan’s 10-year government bond yield rose above 1.47% on Tuesday, hitting a three-week high after US President Donald Trump announced a 25% tariff on Japanese goods, set to take effect on August 1. While lower than the previously threatened 35%, the tariff remains well above the baseline 10% levied on most countries, adding pressure on Tokyo to reach a trade deal with Washington. Prime Minister Shigeru Ishiba stated that Japan will continue negotiations with the US to secure a mutually beneficial agreement. On the economic front, Japan’s current account surplus for May came in above expectations, offering a positive signal for external balances. However, weaker-than-expected wage growth data released earlier this week tempered expectations for further rate hikes by the Bank of Japan, limiting upward momentum in yields.

周二，在美国总统唐纳德·特朗普宣布对日本商品征收25%的关税后，日元兑美元汇率跌至两周低点，该关税将于8月1日生效。虽然低于早些时候35%的征税威胁，但新税率仍远高于对大多数国家征收的10%的基准关税，这给东京与华盛顿达成贸易协议增加了压力。日本首相石破茂表示，日本将继续与美国谈判，以达成互利协议。在国内方面，日本5月份的经常账户盈余超出预期，为市场情绪提供了一些支撑。然而，早些时候的数据显示，工资增长低于预期，这降低了人们对日本央行进一步加息的预期，给日元带来了下行压力。

The Japanese yen weakened past 146 per dollar on Tuesday, hitting a two-week low after US President Donald Trump announced a 25% tariff on Japanese goods, set to take effect on August 1. While lower than the earlier threat of a 35% levy, the new rate remains significantly higher than the baseline 10% tariff imposed on most countries, adding pressure on Tokyo to reach a trade deal with Washington. Japanese Prime Minister Shigeru Ishiba said Japan will continue negotiations with the US in pursuit of a mutually beneficial agreement. On the domestic front, Japan's current account surplus for May exceeded expectations, offering some support to sentiment. However, earlier data showing weaker-than-expected wage growth has dampened expectations for further interest rate hikes by the Bank of Japan, putting downward pressure on the yen.