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The 30-year JGB yield sank 1.5 basis points to 3.21%, a fourth straight day of decline since hitting a record 3.285% on Monday.

Bond yields fall when prices rise.

“Conditions in the super-long sector have been improving gradually, with a cheapening of the bonds drawing dip buyers,” said Naomi Muguruma, chief bond strategist, Mitsubishi UFJ Morgan Stanley Securities.
“The yield level is attractive for international investors as well.”

By contrast, the five-year yield climbed 1.5 bps to 1.135%, a fourth straight gain after dipping to a multi-week low on Tuesday. The 10-year yield rose 1.5 bps to 1.59%, a third session of gains following its drop to its own multi-week low. The two-year JGB hadn’t traded as of 0510 GMT, while the 20-year yield was flat at 2.645%.

Short-term JGB yields have climbed off lows as accelerating inflation and overall hawkish rhetoric from Bank of Japan officials recently keep bets alive for a near-term resumption of interest rate hikes.

Market-implied odds of a quarter-point increase by year-end stand at about 50%, although no change is widely expected at the meeting running Thursday and Friday of next week.

Meanwhile, 30-year yields peaked amid simmering worries over Japan’s finances after fiscally hawkish Prime Minister Shigeru Ishiba announced plans to step down on Sunday.

Among the leading candidates to replace him is Sanae Takaichi, who espouses loose monetary policy and increased fiscal spending. Takaichi has not yet declared her intention to seek the premiership.

Another likely frontrunner, who also hasn’t declared yet, is Farm Minister Shinjiro Koizumi, seen as the continuity candidate.

Updates on their plans could well emerge over Japan’s three-day weekend, Muguruma said, with markets shut Monday for a public holiday.

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Red Sea cable cut continues to impact internet services in India, Pakistan and the middle east countries. According to an AP report that cites experts, the outage was caused by a commercial ship that allegedly dragged its anchor and severed several undersea internet cables in the Red Sea. As per reports, the Red Sea is particularly vulnerable as cables lie in relatively shallow water, making it easier for a dragging anchor to damage them. Doug Madory, an internet analysis director at Kentik, also told news agency AP that the working assumption is that a commercial vessel accidentally dropped its anchor and dragged it across the four cables. Now, experts say that it may take several weeks to repair the damaged cables, reports Khaleej Times. The report list multiple reasons to the long repairing time.

Limited companies can handle repairs

The publication cites Yasser Saied, Consulting Systems Engineer at cybersecurity company Palo Alto who said only three or four companies in the world are equipped to repair such deep-sea cables. This scarcity of resources means delays are inevitable when multiple disruptions occur.“Worldwide, there are only three or four companies that can fix such a cable” he said.

Repairs require complex undersea operations

The damaged cables lie deep under the ocean floor, making repairs highly technical. “To fix such a cable, you need very high technology as they are buried deep under the ocean. You need special fibre divers who can go to the depths of the ocean, locate the exact cut and fix it,” Saied told Khaleej Times.“So it is not easy an easy operation and could take months,” he added.

External causes slow restoration

Swapnendu M., Solutions Architect at Cisco, told Khaleej Times that damage is often linked to ships anchoring, natural disasters, or, in rare cases, malicious activity. Identifying the exact cause and site of damage is critical but time-consuming, further delaying restoration.Experts also pointed out that fibre cables are vulnerable to natural degradation over time. Such wear makes maintenance harder and contributes to the frequency of incidents every five to ten years.

Red Sea cable cut: Impacted regions and cause

The incident reportedly affected at least four major cables: The South East Asia–Middle East–Western Europe 4, the India-Middle East-Western Europe, the FALCON GCX, and the Europe India Gateway. The cuts were initially believed to have occurred off the coast of Jeddah, Saudi Arabia.John Wrottesley of the International Cable Protection Committee told the AP that commercial shipping activity is the “probable cause of damage.” He noted that around 30% of annual cable incidents are caused by dragged anchors, which account for roughly 60 faults per year.

China’s October Golden Week 2025 holiday spans October 1 to 8, merging the Mid-Autumn Festival and National Day. For employers, this means navigating compliance on pay and leave, preparing for possible extended employee absences, and balancing cultural expectations with business continuity.

In 2025, China’s October Golden Week spans October 1 to October 8, combining celebrations for the Mid-Autumn Festival and the National Day holiday. For employers, this is one of the longest and most significant holiday periods of the year. While it offers employees time for travel, family reunions, and cultural traditions, it also presents challenges for businesses in terms of workforce planning, production scheduling, and compliance with labor laws.

This article outlines the official holiday schedule, overtime and wage obligations, production management considerations, cultural sensitivities, and other key aspects that foreign-invested companies in China should keep in mind.

Read also: China Public Holiday 2025 Schedule

2025 Golden Week holiday schedule

The State Council sets China’s official holiday arrangements each year, usually announced in December of the preceding year. For 2025, the October Golden Week schedule is as follows:

• Holiday dates: October 1 (Wednesday) to October 8 (Wednesday)
• Make-up workdays: September 28 (Sunday) and October 11 (Saturday)

This arrangement creates an eight-day holiday but requires employees to compensate with two additional workdays before and after the break.

Production and workforce management

Golden Week often brings significant disruption to normal business operations, particularly in manufacturing, logistics, and other labor-intensive industries. Employers, therefore, need to take proactive measures to minimize the impact on production schedules and service delivery. One key area is inventory and supply chain planning. Since many suppliers, customs offices, and transport providers either close or operate at limited capacity during the holiday, companies should anticipate potential delays and ensure that critical materials and shipments are arranged well in advance. Building buffer stocks or adjusting delivery timelines before the holiday can help avoid bottlenecks.

Another challenge is managing workforce availability. With an extended official holiday and the possibility of employees applying for annual leave before or after the break, staffing shortages are common. In practice, many employees also apply for annual leave on adjacent days—for example, September 28–30 or October 9–11—to combine with the official break. This can result in a continuous holiday of up to 15 days, posing challenges for employers in maintaining production schedules, ensuring staffing levels, and meeting client deadlines. Businesses should plan early, set clear leave approval policies, and prepare contingency arrangements (such as cross-training employees to handle multiple roles) to minimize operational disruptions.

Flexible scheduling can also be a valuable tool. Companies may consider staggering shifts before and after the holiday period to smooth workloads and prevent production spikes or downtime. This requires careful planning and transparent communication with employees to balance business needs with staff well-being.

Finally, clear and timely communication is essential. Informing employees early about production schedules, overtime requirements, leave approval processes, and other policies helps set expectations and reduce the risk of last-minute disruptions. Proactive engagement also demonstrates respect for employees’ holiday plans, which can contribute to higher morale and smoother post-holiday resumption of work.

Overtime rules and wage obligations

Employers who require staff to work during the Golden Week must adhere strictly to China’s labor laws. Under Chinese labor laws and regulations, overtime payment rates vary depending on the type of rest days and the working hour system implemented.

Under the standard working hour system:

• Public holidays: October 1 to October 3 and October 6 are designated national holidays. Employees working on these days must be paid at least 300 percent of their regular daily wage.
• Adjusted rest days or weekends: October 4 to October 5 and October 7 to October 8 are considered adjusted rest days. Work arranged on these days requires either 200 percent pay or compensatory time off.
• No substitution: Employers cannot offset statutory public holiday pay by offering time off on another day—cash payment is mandatory for work performed during October 1–3 and October 6.

Under the comprehensive working hour system:

• For work performed on public holidays (October 1-3 and October 6), not less than 300 percent of the normal wage shall be paid.
• However, no rest day is outlined under this system, so that for work performed on those adjusted working days and weekends, no overtime payments are available.

Under the non-fixed work hour system:

• There are differences in overtime regulations across different regions. For instance, in Beijing, employees under the non-fixed work hour system are not entitled to overtime pay for hours worked on public holidays (October 1-3 and October 6). However, in Shanghai, these hours are considered overtime, and employers are required to pay compensation of up to 300 percent of the normal wage.

HR and payroll teams should carefully track attendance, overtime, and pay calculations to avoid labor disputes.

Cultural considerations

For Chinese employees, Golden Week carries deep cultural meaning that goes beyond simply taking time off work. The Mid-Autumn Festival, which falls on October 6 in 2025, is one of the most important traditional occasions for family reunions. Families gather to share meals, exchange mooncakes, and participate in moon-viewing traditions. Many employees working far from their hometowns see this as one of the few opportunities in the year to reconnect with loved ones. Employers should be mindful of these cultural expectations and consider being flexible with leave requests around this time.

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Golden Week is also China’s peak travel season, with hundreds of millions of people journeying across the country. Roads, airports, and train stations are extremely congested, and transportation delays are a common occurrence. As a result, some employees may return late despite planning carefully. Building reasonable flexibility for work resumption and avoiding overly strict penalties in such cases can help demonstrate understanding and respect.

Beyond family and travel, the holiday is a time for social connection. Colleagues often exchange small gifts or participate in group celebrations. Employers can use this opportunity to strengthen workplace culture—simple gestures like distributing mooncakes, hosting a team lunch before the holiday, or sending warm holiday messages can foster a sense of belonging and appreciation.

By recognizing the cultural significance of Golden Week and accommodating the practical realities it creates, foreign employers can show sensitivity to their workforce’s values. This not only boosts morale but also helps build stronger trust and loyalty between management and employees.

Key takeaways

For foreign employers operating in China, Golden Week is more than just a statutory holiday—it is a period that can significantly affect business continuity, employee relations, and client obligations. Successfully navigating this time requires a mix of legal compliance, cultural sensitivity, and operational foresight. Companies that prepare early and approach the holiday with flexibility are better positioned to minimize disruptions and maintain goodwill with their workforce. The following practical measures can help:

• Review compliance obligations. Employers should ensure that HR and payroll staff have a clear and up-to-date understanding of China’s labor laws regarding holiday pay, overtime, and leave entitlements. This includes distinguishing between statutory holiday dates, where triple pay is mandatory, and adjusted rest days, where double pay or compensatory time off may apply. Failure to comply can expose companies to labor disputes, penalties, and reputational risks. Conducting an internal compliance check before the holiday helps prevent errors and reinforces trust with employees.
• Update contracts and policies. Internal handbooks, employment contracts, and HR policies should clearly state how holiday pay and overtime are handled. If policies are outdated, inconsistent, or silent on these issues, confusion and disputes may arise during Golden Week. Updating documents in advance provides clarity for both managers and employees, ensuring that expectations are aligned and disputes minimized. Transparency in policies also demonstrates professionalism and strengthens a company’s employer brand.
• Coordinate with business partners. Golden Week affects not only internal operations but also external relationships. Many suppliers, logistics providers, and even government offices pause or reduce operations during this period, which can create bottlenecks in supply chains and project timelines. Foreign employers should proactively communicate with their business partners—both in China and overseas—to align production and delivery schedules, adjust timelines, and manage client expectations. Early coordination helps avoid missed deadlines and protects commercial relationships.
• Support employees. Beyond compliance, Golden Week is an opportunity to show consideration for employees’ cultural and personal needs. Offering flexible working arrangements before or after the holiday, acknowledging traditional practices such as mooncake exchanges, or simply showing understanding for family-related leave requests can make employees feel respected and valued. Such gestures build goodwill, enhance employee morale, and may improve retention in the long term. For foreign firms in particular, recognizing and respecting local traditions helps bridge cultural gaps in the workplace.
• Plan for contingencies. Despite best efforts, disruptions are almost inevitable during Golden Week. Employers should build buffer times into production schedules, shipment deadlines, and project deliverables. Preparing for late returns due to travel congestion, absenteeism from extended leave, or supplier delays allows companies to absorb unexpected challenges without derailing operations. Contingency planning may include cross-training employees, arranging back-up suppliers, or temporarily redistributing workloads. By planning for the worst-case scenario, businesses can avoid last-minute crises.