$Nikkei 225 Index(N225.JP)$ Technical Analysis (Day + Hourly View) Day Chart Overview Price structure is currently forming a series of lower highs and lower lows — indicative of a near-term downtrend. Immediate resistance zones are seen around 35,100 and 36,000, which were previous support zones now acting as resistance. Horizontal support lies around the 30,828 level, marked by a previous low. 1-Hour Chart Overview Recent price action shows a rebound from the 32,700 level, forming a swing low and pushing upward. This level 32,700 is also a 62% Fibonacci golden retracement ratio of prior swing low to swing high. Price is currently retracing higher after bouncing off this support level.  Combining the two timeframes (Day + 1hr) Daily trend

【SRT】 Last week, SRT fell amid market risk-off sentiment following Trump’s escalating trade war. The decline was led by industrial, office and retail by subsectors and MLT, FLT, and MPACT by individual REITs. Nevertheless, DBS notes that oversold S-REITs (~6.5% yields; ~4.0% yield spreads) has hit support levels. Trump’s 90-day pause on most tariffs could spur an S-REIT rebound amidst broad relief rally. 【MMF】 Last week, US Treasuries saw elevated volatility amidst the slew of tariff-headlines. Focus was on the trade-related news development and the FOMC minutes released was mostly ignored by the markets.  Meanwhile, the latest CPI report released showed both headline and core CPI were 0.2% lower than consensus estimates on MoM basis. We expect CSOPUMM to continue to deliver stable yi