Asia EM USD sovereign and agency spreads show a wider bias in a relatively quiet session, widening about 1–3bp this morning. Korean equity markets opened higher following holidays, supported by gains in AI-related stocks. Meanwhile, Chinese regulators are intervening to curb excessive competition, a development expected to bolster margins for food delivery firms such as Meituan and JD.com. In South Korea, measures to protect the steel industry are anticipated this month. No new issuance was recorded today.
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The Japanese Ministry Of Finance (MoF) sells ¥ 1,895.5bn 5-Year JGBs: