日本金融廳已經承認，債券浮虧正在影響保險公司的財務和流動性。 截至2026年6月底，日本生命、第一生命、住友生命和明治安田的國內債券浮虧合計達到15.13萬億日元，較3月底增加7%。日本生命一家便佔6.28萬億日元，同時已計提440億日元減值，說明部分賬面壓力開始進入損益。 不過，壽險負債期限很長，國債通常用於匹配未來賠付，只要沒有被迫出售，浮虧不會全部變成實虧；利率上升還會降低保險負債的現值，並提高新增資金的再投資收益。 但如果退保增加或保險公司換掉低息舊債，將迫使其兌現虧損。而壽險原本是超長期日債的重要買家，一旦其減少配置甚至賣債，可能形成「需求下降 → 超長債收益率繼續上升 → 浮虧擴大 → 買盤進一步收縮」的惡性循環。 總而言之，保險公司負債會限制日本央行加息和縮減購債的速度，但超長端收益率還受到財政擴張、國債供給和通脹預期影響。 日本央行既要穩定日元和通脹，又不能讓超長債市場陷入自我強化的拋售。

A股遊戲概念盤初下挫，大晟文化、凱撒文化跌超6%，愷英網絡、崑崙萬維、盛天網絡、世紀華通、巨人網絡等跟跌。

Academy Securities strategist Peter Tchir says AI capital spending is producing a rare equity–credit split. He remains cautious on AI equity valuations, warning markets could renew scrutiny of capex scale and returns. By contrast he favors bonds financing data centers and AI infrastructure for their higher total yields and potential for spread tightening. Alphabet’s recent plan to raise about $20–25 bln in the US bond market to fund large-scale AI investment exemplifies the dynamic; markets have already flagged capex-driven pressure on Alphabet’s free cash flow and equity valuation. Reuters data show Amazon, Meta, Oracle and other tech giants have also stepped up debt issuance this year. The same AI outlay can mean cash-burn and return-risk for shareholders while offering yield pickup to credit investors, prompting a shift from equity-only AI trades toward repricing within capital structures.