Japan's finance minister Katayama said households still do not appreciate the benefits of retail JGBs and there is further potential to expand sales.

Trump said a US‑Iran agreement could be signed as soon as this weekend, though Iran has not confirmed the claim; the potential ceasefire lifted copper from its lowest close since mid‑May. All six major London Metal Exchange contracts rose and Asian shares ticked higher. Copper is seen as a beneficiary of AI, power grid and renewables investment, but Jefferies warned earlier this week that a global recession is the main downside risk to a bullish copper view. As of 10:35 a.m. Beijing time, copper was up 1.2% at $13,643.50/tonne, aluminum +0.8%, zinc +0.7%.

China A-shares rose at midday: Shanghai Composite +1.56%, Shenzhen Composite +1.69%, ChiNext +1.27% after an early jump above 2%. Gold sector led gains — Zhaojin Gold hit limit-up and Xiaocheng Technology rose over 9%. Aerospace names strengthened with Chenxi Aviation, AVIC High-Tech, Beimo Hi-Tech and Zhongtian Rocket among stocks at limit-up. Minor metals outperformed; tungsten and rare-earth permanent-magnet plays led, with Xiye, Jinmo and Shenglong at limit-up. Coal, batteries, lab-grown diamonds, brokers and diversified financials also outperformed. MLCC, helium, advanced packaging, photoresist and glass/fiberglass were laggards. Turnover on Shanghai and Shenzhen was about 2.06 tln yuan at midday, up roughly 465.6 bln yuan versus the same period yesterday; roughly 4,500 stocks advanced and 900 declined.