日本3年期国债 (Japan3Y) 加自选

日元兑美元再次贬值超过154，回吐了上周的涨幅，尽管最高货币外交官金田正人表示，政府已准备好打击无序、投机驱动的外汇波动。尽管如此，神田拒绝证实日本当局是否是上周日元从低到高反弹5.2%时涉嫌干预的幕后黑手。日本银行的数据显示，该行为捍卫人民币汇率花费了近600亿美元。与此同时，分析人士认为，此举只为日本当局争取了一段时间，因为市场基本面对日元仍持悲观态度。美国财政部长珍妮特·耶伦周末也表示，干预应该是罕见的，应该进行磋商，这表明日本和美国在外汇政策上缺乏协调。

The Japanese yen depreciated again past 154 per dollar, giving back gains from last week even after top currency diplomat Masato Kanda said the government stands ready to combat disorderly, speculative-driven foreign exchange moves. Still, Kanda refused to confirm whether Japanese authorities were behind the suspected intervention last week when the yen bounced as much as 5.2% from low to high. Bank of Japan data suggested it spent nearly $60 billion to defend the currency. Meanwhile, analysts argued that the move only bought Japanese authorities some time as market fundamentals remain bearish for the yen. US Treasury Secretary Janet Yellen also said over the weekend that interventions should be rare and consultations should take place, indicating a lack of coordination between Japan and the US on foreign exchange policy.

周二，日经225指数上涨1.1%，收于38600点以上，东证指数上涨0.4%，收于2740点，日本股市创下三周新高，投资者从假期延长的周末回来。国内股市也追随华尔街的涨势，因为疲软的美国就业数据重新唤起了人们对美联储将很快开始降息的希望。在日本，最终数据显示，4月份私营部门活动仍呈扩张性，服务业活动扩张幅度为八个月来最大。继华尔街出现类似走势后，科技股领涨，东京电子（4.6%）、迪斯科公司（4.8%）、Advantest（2.1%）、Keyence（2.3%）和Lasertec（3.2%）领涨。其他指数权重股也上涨，包括迅销（3.4%）、三菱重工（2.4%）和日立（2.4%）。

The Nikkei 225 Index jumped 1.1% to above 38,600 while the broader Topix Index gained 0.4% to 2,740 on Tuesday, with Japanese shares hitting three-week highs as investors returned from a holiday-extended weekend. Domestic stocks also tracked gains on Wall Street as soft US jobs data revived hopes that the Federal Reserve will start cutting interest rates soon. In Japan, a final reading showed that private sector activity remained expansionary in April as services activity expanded the most in eight months. Technology stocks led the charge following similar moves on Wall Street, with gains from Tokyo Electron (4.6%), Disco Corp (4.8%), Advantest (2.1%), Keyence (2.3%) ang Lasertec (3.2%). Other index heavyweights also advanced, including Fast Retailing (3.4%), Mitsubishi Heavy Industries (2.4%) and Hitachi (2.4%).

在价格压力下，澳新银行日本服务业采购经理人指数从2024年4月的11个月高点54.6下调至54.3，此前3月为54.1。这标志着服务业连续第20个月增长，新订单增长速度为10个月来最高，而海外订单则在入境旅游销售额的推动下加速至9个月来最快。此外，就业人数连续第七个月增加，尽管就业创造率自3月份以来保持不变，积压工作在2024年降至迄今为止的最疲软水平。在通货膨胀方面，由于工资成本和运输费用的上涨，投入品价格通胀加速至八个月来的最高点。因此，产出成本通胀是自2014年4月销售税上调以来增长最快的，因为企业需要转嫁更高的业务费用。最后，市场情绪有所减弱，但仍远强于长期调查的平均水平。

The au Jibun Bank Japan Services PMI was revised lower to an eight-month high of 54.3 from a preliminary estimate's 11-month high of 54.6 in April 2024, after a final 54.1 in March, amid price pressures. It marked the 20th successive month of growth in the service sector, with new orders growing the most in 10 months while overseas orders accelerated to the fastest in nine months, boosted by sales from inbound tourism. Also, employment increased for the seventh straight month, although the rate of job creation was unchanged since March, with backlogs of work easing to the softest in 2024 so far. On inflation, input price inflation accelerated to an eight-month high due to higher wage costs and transportation bills. As a result, output cost inflation rose the fastest since the sales tax hike in April 2014, as firms needed to pass on higher business expenses. Finally, sentiment weakened but was still much stronger than the long-run survey average.

2024年4月，澳新银行日本综合采购经理人指数从52.6下调至52.3。最新数据紧随3月份的51.7，表明私营部门活动连续第四个月增长，也是自去年8月以来最强劲的增长速度。虽然服务业扩张幅度为八个月来最大，但工厂活动表明，在前十个月有所下降后，工厂活动接近稳定。新订单增长是十个月来最大的，这主要得益于服务经济的强劲需求，因为制造商的新业务再次减少。在成本方面，投入品价格上涨幅度为去年9月以来最大，反映出制造业和服务业的成本通胀加剧。此外，的价格以一年来最快的速度上涨，这主要是由于努力转嫁不断上涨的工资。最后，信心跌至六个月来的最低水平，但乐观程度m仍远高于系列平均水平。

The au Jibun Bank Japan Composite PMI was revised lower to 52.3 in April 2024 from a flash figure of 52.6. The latest reading followed March's print of 51.7, indicating the fourth straight month of growth in private sector activity and the strongest pace since last August. While the service sector expanded the most in eight months, factory activity signaled a near stabilization following declines in the prior ten months. New orders grew the most in ten months, mainly supported by robust demand in the service economy as manufacturers saw another reduction in new business. On the cost side, input prices increased the most since last September, reflecting stronger cost inflation in the manufacturing and service sectors. Moreover, prices charged by went up at the steepest pace in a year, largely driven by efforts to pass on rising salary payments. Finally, confidence hit its lowest in six months, but the degree of optimism m remained much stronger than the series average.