Morgan Stanley MUFG Securities strategists said Katayama’s remarks last Friday could provide short-term support to the yen and sentiment in the Japanese government bond market, calling the comments a form of verbal intervention against yen weakness and volatility in ultra-long JGBs. They estimate a 1 percentage-point increase in Japan’s Government Pension Investment Fund (GPIF) domestic bond allocation would mechanically generate about ¥660 billion of 7–11 year JGB demand and roughly ¥800 billio

The Russian Defence Ministry said on the 12th that overnight from the 11th to early the 12th Russian forces carried out large-scale strikes that damaged Ukrainian fuel, power and transport infrastructure, long-range drone storage sites, ammunition depots and temporary deployment points for Ukrainian troops and foreign mercenaries at 158 locations. The ministry said Russian forces destroyed 585 Ukrainian-launched drones and 11 aerial bombs in the past 24 hours. Belgorod acting governor Shuvaev said on social media that over the same 24-hour period Ukraine struck 11 districts of the region with more than 100 attacks, killing one and wounding seven; Russian authorities said 111 drones were intercepted. Russian media reported that drone attacks prompted temporary restrictions on civilian flights overnight in multiple Russian cities, delaying dozens of flights.

China International Capital Co research says high external uncertainty will drive investors to use interim reports to find structural winners. Key themes: upstream oil, gas, chemicals and select metals as potential earnings bright spots; technology hardware and power equipment exposed to the AI cycle and to overseas demand, and non-bank financials; the AI supply chain—optical communications that directly benefit from AI deployment, plus batteries and energy storage that also gain from energy‑security and supply‑chain security. Also monitor cyclical industries with relatively balanced supply–demand and improving demand/capacity dynamics, notably specialty chemicals, optoelectronics and certain innovative pharmaceuticals.