周五，随着美中贸易紧张局势的缓解，对避险资产的需求减少，日本10年期政府债券收益率升至1.27%以上。中国证实，在美国多次尝试外联后，正在评估参与贸易谈判的可能性，这提振了全球风险情绪。与此同时，日本和美国本周结束了第二轮双边贸易讨论，东京的目标是在6月前达成协议。在国内，日本3月份的失业率微升至2.5%，尽管劳动力市场状况仍然相对紧张。在货币方面，日本央行周四将政策利率稳定在0.5%，并下调了增长和通胀预测，强化了短期内不太可能再次加息的预期。

Japan’s 10-year government bond yield rose above 1.27% on Friday, as easing U.S.-China trade tensions reduced demand for safe-haven assets. China confirmed it is evaluating the possibility of engaging in trade talks after multiple outreach attempts from the U.S., boosting global risk sentiment. In parallel, Japan and the U.S. concluded a second round of bilateral trade discussions this week, with Tokyo aiming to finalize a deal by June. Domestically, Japan’s unemployment rate edged up to 2.5% in March, though labor market conditions remained relatively tight. On the monetary front, the Bank of Japan held its policy rate steady at 0.5% on Thursday and downgraded its growth and inflation forecasts, reinforcing expectations that additional rate hikes are unlikely in the near term.

美元/日元上涨，牛市目标更大，向150.00移动。美元兑日元汇率从140.00区间开始再次上涨。美元/日元突破141.20和142.00阻力位。

USD/JPY Rises, Bulls Aim Larger Move Toward 150.00.The US Dollar started a fresh increase from the 140.00 zone against the Japanese Yen. USD/JPY cleared the 141.20 and 142.00 resistance levels.

周五，日元兑美元汇率接近146，前一交易日下跌约1.6%，受美中贸易关系进展导致避险需求放松的拖累。中国表示，在美国多次努力启动关税谈判后，正在考虑进行贸易谈判的可能性。与此同时，日本和美国本周结束了第二轮双边贸易谈判，东京的目标是在6月前达成协议。在国内方面，日本3月份的失业率微升至2.5%，尽管劳动力市场仍然相对紧张。另外，日本央行周四将政策利率稳定在0.5%，并下调了增长和通胀预测，表明近期加息的可能性较低。

The Japanese yen traded near 146 per dollar on Friday after losing about 1.6% in the previous session, weighed down by easing safe-haven demand amid progress in US-China trade relations. China said it is considering the possibility of trade talks after multiple outreach efforts by the U.S. to initiate tariff negotiations. Meanwhile, Japan and the U.S. concluded a second round of bilateral trade talks this week, with Tokyo aiming to finalize an agreement by June. On the domestic front, Japan’s unemployment rate edged up to 2.5% in March, though the labor market remained relatively tight. Separately, the Bank of Japan held its policy rate steady at 0.5% on Thursday and downgraded its growth and inflation forecasts, signaling a lower likelihood of near-term rate hikes.

日本首席谈判代表Ryosei Akazawa在华盛顿举行的最新一轮讨论后表示，日本计划在6月前与美国敲定贸易协定，谈判预计将在5月中旬加强。这次会议包括财政部长贝森特和贸易代表杰米森·格里尔等美国高级官员，被描述为“坦率和开放”，尽管许多问题仍未得到解决。赤泽重申了东京的观点，即特朗普总统的关税措施“非常令人遗憾”，并敦促重新考虑。与此同时，日本财务大臣加藤胜信（Katsunobu Kato）表示，日本持有的大量美国国债可以作为讨价还价的筹码，他说：“它确实作为一张牌存在”，尽管目前尚不清楚它是否会被使用。这一立场与执政党官员此前采取的立场不同。赤泽指出，没有讨论外汇储备、外汇政策、国家安全和中国问题。在7月关税暂停结束之前，可能会在6月的七国集团峰会上达成协议。

Japan aims to finalize a trade agreement with the U.S. by June, with talks expected to intensify in mid-May, according to Japan’s chief negotiator Ryosei Akazawa after the latest round of discussions in Washington. The meeting, which included top U.S. officials such as Treasury Secretary Bessent and Trade Representative Jamieson Greer, was described as "frank and open," though many issues stay unresolved. Akazawa reiterated Tokyo’s view that President Trump’s tariff measures are "extremely regrettable" and urged their reconsideration. Meanwhile, Finance Minister Katsunobu Kato suggested Japan’s large U.S. Treasury holdings could serve as a bargaining chip, saying, “It does exist as a card,” though it’s unclear if it will be used. This stance differs from a previous position taken by ruling party officials. Akazawa noted that foreign reserves, FX policy, national security, and China were not discussed. A deal may be reached at the G7 summit in June before the tariff pause ends in July.