周四，日本10年期政府债券收益率降至1.49%左右，从数周高点回落，因其追随美国国债收益率的更广泛下跌。此前，美联储最近一次会议的纪要显示，大多数政策制定者对今年晚些时候的降息持开放态度。随着美日谈判似乎陷入僵局，尤其是关于日本保护其大米市场的谈判，贸易紧张局势加剧也影响了市场情绪。美国总统唐纳德·特朗普最近宣布对日本商品征收25%的关税，自8月1日起生效，并排除了任何延长最后期限的可能性。日本首相石破茂称这些措施“确实令人遗憾”，但重申东京承诺继续与华盛顿进行讨论，以寻求互利协议。当地一家智库估计，关税可能会使日本2025年的国内生产总值下降0.8%，到2029年累计下降1.9%。

Japan’s 10-year government bond yield declined to around 1.49% on Thursday, pulling back from multi-week highs as it tracked a broader drop in US Treasury yields. The move followed minutes from the Federal Reserve’s latest meeting, which showed most policymakers were open to interest rate cuts later this year. Sentiment was also shaped by rising trade tensions as the US-Japan negotiations appear to have stalled, particularly over Japan’s protection of its rice market. US President Donald Trump recently announced a 25% tariff on Japanese goods, effective August 1, and ruled out any extension to the deadline. Japanese Prime Minister Shigeru Ishiba described the measures as “truly regrettable” but reaffirmed Tokyo’s commitment to continue discussions with Washington in search of a mutually beneficial agreement. A local think tank estimates the tariff could reduce Japan’s GDP by 0.8% in 2025 and by 1.9% cumulatively through 2029.

日本央行加息押注减少，日元兑美元盘中小幅上涨。日元（JPY）在亚洲时段上涨后吸引了一些盘中卖家，目前似乎已经停止了从周三触及的两周低点对美元（USD）的大幅复苏。本周四早些时候公布的日本生产者价格指数（PPI）暗示，通胀压力可能正在降温。

Japanese Yen surrenders modest intraday gains against USD amid reduced BoJ rate hikes bets.The Japanese Yen (JPY) attracts some intraday sellers following an Asian session uptick and for now, seems to have stalled its sharp recovery move from a two-week low touched against the US Dollar (USD) on Wednesday. Japan's Producer Price Index (PPI) released earlier this Thursday hinted that inflation pressures might be cooling off.

欧元/日元从年度高点回落后徘徊在171.50左右。欧元/日元在周三从172.28的一年高点回落后，连续第二个交易日继续恶化。周四亚洲时间，货币十字架的交易价格约为171.40。

EUR/JPY hovers around 171.50 after pulling back from yearly highs.EUR/JPY continues its deterioration for the second successive session after pulling back from a one-year high of 172.28, reached on Wednesday. The currency cross is trading around 171.40 during the Asian hours on Thursday.

周四，日元升值至1美元兑146日元左右，延续了前一交易日的涨势，因为美元在美国国债收益率大幅下降的情况下走弱。全球贸易紧张局势也导致市场谨慎，因为美国总统唐纳德·特朗普以不公平的贸易行为为由，宣布自8月1日起对巴西进口商品征收50%的关税。与此同时，美日贸易谈判陷入僵局，特别是在日本保护大米市场的问题上。特朗普最近对日本商品征收25%的关税，也将于8月1日生效，并排除了任何延长最后期限的可能性。作为回应，日本首相石破茂称此举“确实令人遗憾”，但重申日本致力于正在进行的谈判，以寻求互利的结果。当地一家智库预测，新关税可能会使日本2025年的国内生产总值下降0.8%，到2029年累计下降1.9%。

The Japanese yen appreciated to around 146 per dollar on Thursday, extending gains from the previous session as the US dollar weakened amid a sharp drop in Treasury yields. Global trade tensions also contributed to market caution as US President Donald Trump announced a 50% tariff on Brazilian imports, effective August 1, citing unfair trade practices. Meanwhile, US-Japan trade talks have stalled, particularly over Japan’s protection of its rice market. Trump recently imposed a 25% tariff on Japanese goods, also set to take effect on August 1, and ruled out any extension of the deadline. In response, Japanese Prime Minister Shigeru Ishiba called the move “truly regrettable” but reaffirmed Japan’s commitment to ongoing negotiations in pursuit of a mutually beneficial outcome. A local think tank projects the new tariffs could reduce Japan’s GDP by 0.8% in 2025 and by 1.9% cumulatively through 2029.