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Japan's 10-year government bond yield slipped to around 2% on Tuesday, retreating from two consecutive session of record peaks, mainly attributed to possible dip-buying interest. A senior Japan rates strategist said that buying at current levels could offer higher returns than the interest earned on Bank of Japan current account deposits, as long as yields remain capped near 2.2% over the next year. Yields have recently climbed as traders priced in additional rate hikes following the Bank of Japan's move last week to increased borrowing costs to a three-decade high of 0.75%. The market is also preparing for increased bond issuance to finance the new government’s fiscal stimulus measures. Meanwhile, investors are closely watching BOJ Governor Kazuo Ueda, who is set to address the Keidanren business lobby on Christmas Day, for further signals on the central bank’s policy trajectory.

Japan 10-Year Yield Retreats

The benchmark KOSPI rose 0.5% to around 4,125 on Tuesday, extending gains from the previous session, as optimism from Wall Street’s tech-led rebound boosted heavyweight semiconductor stocks. Samsung Electronics and SK hynix advanced 1.5% and 1.2% respectively, tracking US tech gains and supporting expectations of a year-end AI-driven rally. Semiconductor sentiment was further lifted by reports that Samsung’s next-generation HBM4 memory performed well in late-stage tests with Nvidia. Moreover, shipbuilding and defense stocks also outperformed after US President Trump said Hanwha would work with the US Navy on new frigate construction. Hanwha Ocean jumped 8.7%, while HD Hyundai Heavy Industries (2.1%) and HD Korea Shipbuilding & Offshore (1.8%) posted solid gains. At the same time, South Korea’s exports remain on track for a 2025 record, with strong demand for semiconductors, automobiles and ships underscoring the resilience of the country’s key growth engines.

South Korean Shares Rise on Wall Street Tech Rally

The Hang Seng climbed 107 points, or 0.4%, to 25,909 in Tuesday morning deals, lingering at its highest level in over one week and extending gains for a fifth straight session. The move tracked a rise in US futures as tech sectors continued to recover from a volatile streak, with renewed optimism around AI-related shares fueling a rally on Wall Street. The broader index gained in the shortened trading week amid hopes of further Fed rate cuts and a lack of strong market catalysts. Traders also monitored the National People’s Congress Standing Committee meeting amid hopes of additional government stimulus. On the data front, Hong Kong’s annual inflation stood at 1.2% in November, remaining the highest level in three months. Among early gainers were CSPC Pharmaceutical Group (up 5.2%), Zhongsheng Group (3.0%), Ping An Insurance (2.9%), Li Ning (2.1%), and PetroChina (1.9%).

Hong Kong Stocks Rise for Fifth Straight Session

Gold prices climbed to a fresh record above $4,480 per ounce on Tuesday, marking the 50th record-breaking session this year, driven by expectations of looser US monetary policy and mounting geopolitical tensions. Markets are currently pricing in two quarter-point rate cuts by the Federal Reserve next year, amid signs of easing inflation and a cooling labor market. Investor attention is now turning to the second estimate of third-quarter GDP, due later today, which could provide further insight into the health of the US economy and the likely path of Fed policy. Safe-haven demand has also been supported by rising tensions between the US and Venezuela, as Washington intensified its naval blockade of the region with the seizure of a second oil tanker on Saturday and the active pursuit of a third. So far this year, bullion has soared 70%, on track for its strongest annual gain since 1979. The rally has also been underpinned by robust central bank purchases and sustained ETF inflows.

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