日本10年期政府债券收益率升至0.88%以上，从两周低点反弹，追随美国债券收益率的涨势，因为强劲的美国工资数据引发了人们对美联储将在更长时间内保持更高利率的担忧。与此同时，日本国债收益率本周仍在下降，因为日本央行行长上田一夫最近表示，货币条件目前仍将宽松，月度债券购买量不会立即减少。正如人们普遍预期的那样，日本央行在4月份的政策会议上保持利率稳定。然而，央行放弃了购买与以往相同数量债券的措辞，上调了通胀预测，并表示经济可能会保持健康增长。在其他方面，投资者消化了显示日本4月制造业活动连续第11个月收缩的数据，但表明接近稳定。

Japan’s 10-year government bond yield rose above 0.88%, rebounding from two-week lows and tracking a rally in US bond yields as strong US wage data raised concerns that the Federal Reserve will keep interest rates higher for longer. Meanwhile, JGB yields are still down for the week as Bank of Japan Governor Kazuo Ueda signaled recently that monetary conditions would remain easy for now and there would be no imminent tapering of monthly bond purchases. The BOJ held interest rates steady at its April policy meeting, as widely expected. However, the central bank dropped wording on buying the same amount of bonds as before, revised its inflation forecasts higher and said the economy will likely keep growing at a healthy pace. Elsewhere, investors digested data showing manufacturing activity in Japan contracted for the 11th straight month in April, but signaled near stabilization.

周三，日元兑美元贬值至158美元，几乎抹去了周一的所有涨幅，当时日元因疑似政府干预而大幅反弹，货币市场数据显示，财政部花费了约350亿美元来支撑日元。日本当局没有证实他们是否是日元最近飙升的幕后黑手，尽管高级货币外交官金田正人表示，他们将在下月底公布结果，并将根据需要在外汇市场采取适当行动。一份报告还建议，日本可能会通过税收优惠，鼓励企业将利润兑换成日元。今年迄今为止，日元兑美元下跌超过10%，因为日本央行将利率保持在超低水平，促使交易员借入日元并投资于收益率较高的货币。从外部来看，日元兑美元面临新的压力，因为强劲的美国工资数据支持了对美联储政策的鹰派展望。

The Japanese yen depreciated toward 158 per dollar on Wednesday, erasing nearly all the gains made on Monday when the currency rebounded sharply on a suspected government intervention, with money market data suggesting the finance ministry spent around $35 billion dollars to prop up the yen. Japanese authorities did not confirm whether they were behind the currency’s recent surge, although op currency diplomat Masato Kanda said they will disclose results at the end of next month and will take appropriate action in the FX market as needed. A report also suggested that Japan may introduce incentives for companies to convert profits into yen with tax breaks. The yen lost more than 10% against the dollar so far this year as the Bank of Japan kept interest rates ultra-low, prompting traders to borrow yen and invest in higher-yielding currencies. Externally, the yen faced renewed pressure against the dollar as strong US wage data supported a hawkish outlook on Fed policy.

周三，日经225指数下跌0.7%，收于38200点以下，东证指数下跌0.8%，收于2720点，从两周高点回落，追随华尔街隔夜大幅抛售，美国国债收益率因强于预期的美国工资数据而跃升。在美联储做出政策决定之前，投资者也变得谨慎。预计美联储将在顽固的通货膨胀中再次暂停鹰派政策。在日本，数据显示，4月份制造业活动连续第11个月收缩，但表明接近稳定。指数权重股跌幅显著，如丰田汽车（-1.4%）、东京电子（-1.4%。在企业新闻方面，Lasertec股价上涨13.5%，收益和收入均高于预期。这家精密技术公司还宣布首席销售官森多田哲也为新任首席执行官，首席执行官冈巴亚西为新任董事长。

The Nikkei 225 Index fell 0.7% to below 38,200 while the broader Topix Index lost 0.8% to 2,720 on Wednesday, retreating from two-week highs as tracking a sharp selloff on Wall Street overnight as Treasury yields jumped on stronger-than-expected US wage data. Investors also turned cautious ahead of the US Federal Reserve’s policy decision where it is anticipated to deliver another hawkish pause amid stubborn inflation. In Japan, data showed that manufacturing activity contracted for the 11th straight month in April, but signaled near stabilization. Notable losses were seen from index heavyweights such as Toyota Motor (-1.4%), Tokyo Electron (-1.4%), Mitsubishi UFJ (-1.8%), Tokyo Electric Power (-3.9%), Fast Retailing (-1.4%) and Mitsubishi Heavy Industries (-2.6%). In corporate news, Lasertec rallied 13.5% on higher-than-expected earnings and revenue. The precision technology firm also announced Chief Sales Officer Tetsuya Sendoda as new CEO and CEO Osamu Okabayashi as new Chairman.

澳新银行日本制造业采购经理人指数从初步估计的49.9和上月的最终48.2下调至2024年4月的49.6，表明接近稳定。这是工厂活动连续第十一个月收缩，但这是自去年8月以来最温和的降幅，因为产量和新订单都有所减少。产量下降幅度为六个月来最小，而新订单下降有所缓解，主要对中国和美国的出口订单下降。因此，尽管采购活动为2022年10月以来的最低水平，但采购活动仍在继续减少。在价格方面，投入成本通胀加速至今年最快的速度，而产出成本通胀上升至11个月来最快的步伐。最后，商业情绪与3月份相比没有变化，在需求改善的情况下保持相对较高。

The au Jibun Bank Japan Manufacturing PMI was revised lower to 49.6 in April 2024 from 49.9 in the preliminary estimates and after a final 48.2 in the previous month, signaling a near stabilization. It was the eleventh straight month of contraction in factory activity but the softest drop since last August as both output and new orders shrank less. Output fell the least in six months, while new orders dropped eased, with export orders declining mainly to China and the US. As a result, purchasing activity continued to decrease despite the lowest since October 2022. On the price front, input cost inflation accelerated to the quickest rate of the year, while output cost inflation rose to the fastest pace in 11 months. Finally, business sentiment was unchanged from March, remaining relatively high amid improvement in demand.