Beijing did apparently issue measures to restore and expand consumption on Monday, according to a State Council document out on Monday, though many seemed aspirational and whether they would work was an open question. MSCI's broadest index of Asia-Pacific shares outside Japan is also on track for its best month since January with a gain of almost 6% in July. The market is having to contend with a rare selloff in bonds after the Bank of Japan lifted the lid on yields last week, essentially doubling it to 1.0%.
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