Japan 10-year bond yield fell 4.5 bps to 2.845%.

TD Securities strategists Gennadiy Goldberg and Molly Brooks say US long-term Treasury yields look attractive on both real and nominal measures but investor confidence is weak, leaving yields vulnerable to further near‑term upward pressure. They say relieving that pressure would require one or more of: the Fed delivering more credible messaging on inflation; the US Treasury signaling reduced long-term issuance; improved investor demand; a slowdown in investment‑grade supply; or renewed growth concerns. The US Treasury said on Wednesday it will increase buybacks of long-dated Treasuries to curb a rapid rise in borrowing costs.

Shanghai municipal government released its 15th Five-Year urban renewal and housing plan, pledging accelerated urban-village redevelopment backed by dedicated urban-village renovation loans, local government special bonds and increased fiscal funding. The plan directs faster relocation to free land and promotes diversified resettlement including housing vouchers; it targets full launch of whole-site urban-village redevelopment and completion of remediation/upgrades by end-2026, and completion of project preparatory works by end-2027. It also accelerates old-housing cluster upgrades via demolition-and-rebuild, old-city reconstruction and function swaps, aims to improve public-rental tenancy consolidation and vacancy-renewal channels, targets completion of roughly 20,000 sqm of remaining small-beam thin-plate housing by end-2026, and seeks to basically finish non-standard employee-housing renewal by end-2030.