Japanese 40-year government bond yield fell 2 bps to 4.13%.

航運情報公司Kpler數據顯示，8月份沙特和伊朗的石油出口量驟降，而阿聯酋和伊拉克則搶佔了部分受影響的海灣貿易份額。 8月迄今，伊朗原油出口降至約27.7萬桶/日，環比減少61.6萬桶/日，同比減少139.8萬桶/日；沙特降至約192.8萬桶/日，環比減少267.8萬桶/日，同比減少374.3萬桶/日。 與此同時，伊拉克和阿聯酋出口分別升至約215.1萬桶/日和357.9萬桶/日，環比分別增加69.9萬桶/日和63.1萬桶/日。阿聯酋8月迄今出口量同比出現增長，增加了41.1萬桶/日。 能源領域獨立投資研究與諮詢機構HFI Research指出，伊拉克的原油出口增加是因爲伊朗原油混入其中，並通過繁榮油輪運輸。這就是爲什麼在阿曼航道上這些繁榮號油輪並未受到攻擊。

Rising JGB yields increase Japan bond investment appeal, likely prompting ETF inflows. Higher yields boost the Japanese government’s interest burden, raising debt-service costs in FY2027. Higher domestic rates are theoretically supportive for the JPY, but fiscal risk and institutional FX hedging should offset part of the currency effect. Net of opportunity cost, reduced incentive for Japanese capital to hold overseas debt is negative for UST demand and may lower Japanese allocations to foreign bonds. Market implication: Japan is ceasing to be a zero-rate funding pool, altering global bond funding and pricing dynamics.