据John Cheng报道，日本周二的10年期国债拍卖需求强于12个月平均水平，因收益率走高支撑了买盘。
Japan’s 10-year government bond auction Tuesday saw stronger demand than the 12-month average as elevated yields underpinned buying.
投标倍数为3.76，而上次拍卖为3.29，12个月平均为3.21。
The bid-to-cover ratio was 3.76 compared with 3.29 at the previous sale, and a 12-month average of 3.21.
尾部利差（即平均价与最低中标价之间的差距）为0.02，而上月为0.12。
The tail, or gap between average and lowest-accepted prices, was 0.02, compared with 0.12 last month.
基准10年期收益率周二触及3.115%，追平1996年以来的最高水平。上月同期限拍卖在收益率达到3%后顺利完成。国内环境对拍卖变得更有利一些。
The benchmark 10-year yield hit 3.115% Tuesday, matching its highest level since 1996. A sale of the same tenor last month passed smoothly after yields reached 3%. The domestic backdrop has become somewhat more supportive of auctions.
日本和美国10月加息的预期均有所降温，而高市早苗首相的政府一直在寻求消除其偏向再通胀政策或会施压日本央行维持低借贷成本的担忧。不过，全球风险加剧增加了不确定性。
Expectations for October rate hikes in both Japan and the US have receded, while Prime Minister Sanae Takaichi’s administration has sought to dispel concerns that it favors reflationary policies or would pressure the Bank of Japan to keep borrowing costs low. Still, heightened global risks are adding to uncertainty.
美国国债遭遇新一轮抛售压力，推长期收益率升至数十年新高，延续了数月的下跌趋势。
Treasuries saw renewed selling pressure, pushing longer-dated yields to fresh multi-decade peaks and extending a months-long slide.
同时，法国财政担忧加剧引发政府债务抛售，加大了全球债券市场的波动，使投资者对承担久期风险更加谨慎。日本收益率上升在国内产生更广泛的影响。
Meanwhile, mounting fiscal concerns in France have fueled a selloff in government debt, adding to volatility across global bond markets and making investors more cautious about taking duration risk. The rise in Japanese yields has broader consequences at home.
更高的政府借贷成本增加了日本巨额债务负担的偿付费用，并可能传导至企业和家庭融资成本，从而可能拖累投资。
Higher government borrowing costs increase the expense of servicing Japan’s large debt burden and can feed through to corporate and household financing costs, potentially weighing on investment.