Overnight US Treasury yields fell, pushing Japanese government bond yields lower across the curve. On Thursday, smoother-than-expected long-term Treasury auctions and Treasury repurchase operations weighed on US yields; cooling Fed rate-hike expectations added downward pressure on US and Japanese yields. Investors also monitored developments in the Iran conflict and the French bond market. Japan 10-year JGB yield fell 4.5 bps to 3.035%; 2-year fell 1.5 bps to 1.915%; 30-year fell 4 bps to 4.080%

A股开盘，上证指数开跌0.21%，深证成指开跌0.51%，创业板指开跌0.5%。

The PBOC said in its renminbi exchange-rate policy statement that medium- to long-term policy commitments are more effective at stabilizing expectations. It urged countries to set medium- to long-term policy plans, make clear commitments and implement them consistently, warning that short-term policy U‑turns can be counterproductive and that resolving structural global economic problems within one to two years is unrealistic. As an example, it said a 2025 global tariff war could spur pre-emptive import surges, exacerbate imbalances and damage global growth.