Japan strongly urges the United States to reconsider its tariff policy, U.S. stocks decline further, and U.S. Treasury yields rise
The Japanese government has urged the United States to reconsider its tariff policy and plans to consult with the U.S. side before the G7 meeting in June. This statement led to an expansion of the decline in U.S. stocks, with the S&P falling more than 0.3%, the Nasdaq dropping by as much as 0.6%, and the Dow Jones Industrial Average falling over 60 points, while chip stocks and bank stocks generally declined. Meanwhile, the yield on the U.S. 10-year Treasury bond fell to 4.4%, and the dollar remained flat against the yen at 144.16 yen
The Japanese government issued a statement on trade negotiations.
Japan's chief trade negotiator and Minister of Economic Revitalization, Akizawa Ryozo, strongly urged the United States to reconsider its tariff policy and will consult with the U.S. side again before the G7 meeting in June. Japan confirmed progress in trade negotiations with the United States.
After Japan's statement, the intraday declines of the three major U.S. stock indices widened, with the S&P falling over 0.3%, the Nasdaq dropping 0.6% at one point, and the Dow Jones down more than 60 points.
Chip stocks also saw an overall increase in declines. The Philadelphia Semiconductor Index fell nearly 2% during the session, and the bank index dropped 0.6%.
The yield on the U.S. 10-year Treasury bond fell to 4.4%, with an intraday decline of 1.6 basis points; the yield on the two-year Treasury bond dropped over 2.2 basis points, falling below 3.9150% again, while the yield on the 20-year Treasury bond fell over 1 basis point, approaching 4.92%. The yield on the 30-year Treasury bond retreated below 4.92%.
The U.S. dollar index remained stable, with the dollar roughly flat against the yen, currently at 144.16 yen.
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