Samsung Electronics shares erased earlier gains and were down 2.2%.

Japan 10- and 20-year JGB yields surged to multi-decade highs this week as markets question Prime Minister Takaichi’s commitment to fiscal discipline and monetary-policy normalization, and government spending raises fiscal strain. The 10y-2y JGB spread widened to 143bps on Wednesday, the most since 2004, reflecting rising long-end inflation/price risk alongside weaker expectations for near-term Bank of Japan rate hikes. Daiwa senior economist Kento Minami said recent curve steepening is a warning signal, highlighting a gap between market-priced risks and government fiscal-monetary policy.

On July 9 China’s Shanghai- and Shenzhen-listed turnover totaled RMB 2.914 tln, up RMB 350.21 bln from the prior session. Shanghai turnover was RMB 1,364.18 bln (previous RMB 1,192.36 bln), volume 553 mln lots (prev. 496 mln). Shenzhen turnover was RMB 1,549.55 bln (previous RMB 1,371.17 bln), volume 717 mln lots (prev. 655 mln). Zhongji Xuchuang led stocks by turnover at RMB 41.61 bln, followed by GigaDevice (RMB 38.19 bln), BOE Technology A (RMB 30.12 bln), Dongshan Precision (RMB 27.79 bln) and Xinyisheng (RMB 26.10 bln).