Eased tensions in the Middle East ease inflation concerns; Japanese government bonds rebound

金十2026/05/25 03:13

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Golden Ten Data, May 25 – Japanese government bonds rose on Monday, pushing yields further away from recent multi-decade highs, as signs of easing tensions in the Middle East cooled market concerns about inflation. Japan’s 10-year government bond yield, which last week hit its highest point in 29 years, fell by 5 basis points today to 2.710%. The 30-year yield, which previously reached a historic high, dropped by 5.5 basis points to 3.955% today. Given Japan’s heavy reliance on imported energy, the increase in oil prices triggered by the Middle East conflict has put pressure on the Japanese economy and inflation outlook. Reports last week that Sanae Takaichi may introduce a supplementary budget also intensified fiscal worries, putting further pressure on Japanese government bonds. Yunosuke Ikeda, Head of Macro Research at Nomura Securities, said: “There is still a great deal of uncertainty among market participants regarding Sanae Takaichi’s commitment to fiscal discipline. Many investors believe it is still not the right time to buy Japanese government bonds, even though they find current yield levels quite attractive and see limited room for a further significant increase in yields. Takaichi is very aware of the market’s concerns, and I believe that in the next two months investors could be in for some positive surprises.”

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Latest Update October 9 – The Financial Times reported on Thursday that Starbucks (SBUX.O) has explored a potential acquisition of Chipotle (CMG.N). This move would bring CEO Brian Niccol back to the Mexican burrito chain he once led. Starbucks declined to comment, saying the company remains "fully focused" on its business turnaround. Chipotle's stock fell about 4% to $31.32 on Friday, after surging 6.2% in the previous trading session. Limited strategic rationale BTIG expressed "high skepticism," stating that the deal does not make sense operationally, would cause significant dilution for Starbucks shareholders, and would disrupt management operations. "Over the years we've heard many stories about multi-brand acquisitions... but few have materialized, and even fewer have succeeded," BTIG noted. William Blair pointed out that Starbucks’ $9.4 billion net debt as of June makes it difficult to finance an acquisition and could push the combined company’s leverage ratio to about six times—considered high for the restaurant industry. D.A. Davidson stated the probability of the deal succeeding is 20% or less, given the significant differences between the brands and the apparent lack of clear synergies. Raymond James noted that due to the low overlap in menus, supply chain benefits are likely limited, while performance among multi-brand restaurant platforms has been mixed. eMarketer’s Suzy Davidkhanian commented that Niccol's familiarity may reduce execution risk, but investors might still see the deal as a "costly distraction" during Starbucks’ transformation. (For the convenience of non-English speakers, Reuters automatically translates its reports into several other languages. Automated translation may be inaccurate or fail to include necessary context; Reuters does not guarantee the accuracy of automated translated text and provides it solely for readers’ convenience. Reuters accepts no responsibility for any damage or loss resulting from the use of automated translation functions.)

路透社•2026/10/09 16:16