RBC BlueBay Asset Management analyst Russell Matthews said a coordinated US-Japan FX intervention to lift the yen is unlikely for now, as relatively stable core government bond yields reduce US willingness to act. He warned sustained yen weakness could provoke larger moves in Japanese government bond yields — 10-year JGBs approaching 3.0% — with potential spillovers to USTs and global sovereigns that would increase the case for coordinated intervention. The firm remains neutral on the yen; Matth

Nomura Research Institute economist Takahide Kiuchi said Prime Minister Takaichi’s economic “basic policy” blueprint, slated for cabinet approval this month, could be used to block further tightening and thus delay the Bank of Japan’s next rate move. He added the BOJ would still raise rates if warranted despite government opposition, but may partly defer to the government on timing. Kiuchi warned government pressure against BOJ hikes could further weaken the yen and depress bond prices, undermining economic and financial stability.

The China Federation of Logistics & Purchasing said its 2025 National New Cargo Routes Analysis Report shows national civil aviation cargo and mail throughput reached 10.172 mln tonnes in 2025, up 13.3% YoY and the first time above the 10 mln‑tonne mark. New international cargo routes totaled 214 and now span all six continents. Origins are concentrated in East, Central and South China, which together accounted for more than 68% of the new routes; traditional and emerging hubs jointly underpin China’s international air network.