On August 18-20, 2025, major Asian bond yields and stock indices showed notable movements. Japan's government bond yields rose across maturities, with the 10-year yield increasing by 2.5 basis points to 1.585%, the 5-year yield climbing 1.5 basis points to 1.13%, and the 20-year yield rising to 2.62%. The 2-year yield edged up to 0.85%. In Taiwan, the 10-year government bond yield increased by 3 basis points to 1.40%. In China, government bond yields also climbed, with the 30-year bond yield rising by 4.4 basis points to 2.038% and the 10-year futures declining slightly by 0.3% to 108.000 amid market volatility. The China 3-month Treasury bills were issued at a yield of 1.2715%. Chinese equity markets experienced a strong rally, with the Shanghai Composite Index closing at 3,728.03 points, its highest level since August 2015, representing a 20% turnaround since an April selloff. The index hit an intraday high near 3,745.94 points, marking a near-decade peak. The total market capitalization of A-share companies surpassed 100 trillion yuan ($14 trillion) for the first time, supported by robust trading volumes exceeding 27 trillion yuan and improving investor sentiment. Other Chinese indices such as the Shenzhen Component, Chinext, and Beijing Stock Exchange 50 Index also posted gains, with the latter rising over 3% to a record high. Hong Kong's Hang Seng and Hang Seng Tech indexes increased by 0.61% and over 2%, respectively, with notable stock performances including NIO rising over 8%. Analysts suggest that the absence of retail euphoria in this rally may contribute to its sustainability despite volatility remaining near recent lows. On August 20, the Shanghai Composite extended its gains, closing up 1.04%, while Shenzhen and Chinext indices also rose, though the market opened with some declines. Overall, the data indicate a sustained positive momentum in Chinese equities alongside moderate increases in regional government bond yields.