20-year Japanese government bond yield fell 7 bps to 3.795%.

日本经济财政大臣城内实：政府与日本央行密切沟通，就经济、物价及金融形势交流看法至关重要。

Modular shipbuilding entails high equipment capex and is normally used for large offshore vessels. A domestic builder says inland electric cargo-ship orders have surged after retrofitting smart equipment and moving to full-process modular construction, shortening build cycles by more than 50% versus traditional methods. The company reports 108 confirmed domestic and overseas orders and over 400 intent orders. Twenty-four berths are running at full capacity; the smart-manufacturing workshop plans to start 108 ships and deliver 82 in 2025.