German 10-year Bund yields climbed toward 2.75%, their highest level since September 2, after a volatile week shaped by larger debt issuance plans and major central bank decisions. On Thursday, the German finance agency announced that Q4 issuance will increase by €15 billion compared with its December forecast, citing higher spending needs for infrastructure and defense. Agency head Tammo Diemer noted strong investor demand for Bunds, partly supported by France’s ongoing budget crisis. Meanwhile, protests continued across France in opposition to government spending cuts, while Italy is expected to receive a ratings upgrade from Fitch later on Friday. In monetary policy, the BoJ kept interest rates unchanged but signaled a gradual unwinding of its ETF and REIT holdings, suggesting a possible shift toward reducing monetary stimulus sooner than expected. Earlier this week, the Fed cut borrowing costs for the first time since December, while the BoE left rates unchanged.