Core Viewpoint - The article discusses the leadership transition at Toyota, focusing on the new president, Kenta Nishikawa, and his relationship with the outgoing president, Akio Toyoda, highlighting Nishikawa's approach to stakeholder engagement and corporate governance [2][4]. Group 1 - Kenta Nishikawa has been a long-time secretary to Akio Toyoda and continues to accompany him on visits to racetracks, indicating a close working relationship [2]. - Nishikawa is characterized as a supportive figure who takes on the role of a "guardian" for those around him, earning strong backing from financial institutions [4]. - One of Nishikawa's significant projects is the privatization of Toyota Industries Corporation, which is approaching its 100th anniversary in 2026, and has a long-standing shareholder base [4]. Group 2 - During a stakeholder event in 2025, Nishikawa demonstrated his approachable nature by removing his tie in solidarity with a guest who had forgotten to wear one, reflecting his informal leadership style [4]. - The decision to privatize Toyota Industries Corporation was met with sadness from shareholders, prompting Nishikawa to reflect on the relationship between companies and their shareholders [4].

Core Viewpoint - The article discusses the significant rise in Chinese photovoltaic (PV) stocks driven by Elon Musk's proposal for a space-based data center, highlighting the dominance of Chinese companies in the global supply chain [2][4]. Group 1: Market Reactions - Chinese PV stocks have surged since the beginning of the year, with major companies like JinkoSolar and TCL Zhonghuan experiencing significant price increases, attributed to Musk's space data center concept [2][4]. - On February 4, reports of Musk's secret contacts with leading PV companies led to a notable spike in stock prices, with JinkoSolar rising by 20% and TCL Zhonghuan by approximately 10% [4]. - Despite the stock price increases, companies quickly clarified that they had no existing partnerships or orders related to Musk's space solar power initiative [4]. Group 2: Industry Developments - Musk announced plans to establish a space data center within three years, aiming to produce 100 gigawatts of solar power equipment annually, emphasizing the reliance of AI growth on solar energy [6]. - Chinese PV companies are keenly interested in space solar power, with reports indicating that the energy density in space is 7 to 10 times higher than on the ground, and operational time could increase fourfold [6]. - The Chinese government reported that renewable energy generation capacity, including solar, has surpassed thermal power for the first time, with Chinese firms controlling over 80% of the global PV supply chain [7]. Group 3: Regulatory Changes - Starting April, the Chinese government will eliminate the 9% VAT rebate on PV product exports, which could significantly impact company earnings if costs cannot be passed on to consumers [8]. - This regulatory change is part of a broader effort to address overcapacity in the PV industry, which has seen significant losses, with projections indicating a net loss exceeding 60 billion yuan for the industry in 2024 [8]. - The cancellation of the VAT rebate has prompted overseas PV companies to accelerate procurement of components before the deadline, potentially leading to demand being pulled forward [8].

Core Insights - China and India, the world's largest coal consumers, are expected to reduce their reliance on coal-fired power generation for the first time in nearly 50 years by 2025, with China's coal power generation decreasing to 5735 TWh (down 1.6%) and India's to 1472 TWh (down 3%) [6][7] - The rapid growth of renewable energy sources, particularly solar and wind, is driving this shift, with China's solar power expected to increase by 43% and wind power by 13% in 2025 [6][7] - The decline in coal demand is impacting coal prices, leading to a supply surplus and prompting major coal-exporting countries like Indonesia to cut production targets and impose export limits [6] Group 1 - The increase in renewable energy generation is expected to create a turning point in the trend of rising global CO2 emissions, with over 90% of the increase from 2015 to 2024 attributed to the power sectors of China and India [4][7] - Despite the reduction in coal power generation, China is projected to add 78 GW of new coal power capacity by 2025, the highest in the past decade, which raises concerns about potential increases in global CO2 emissions if operational rates remain unchanged [7] - The transition to a low-carbon society hinges on whether coal power can shift from being a primary energy source to a supportive role for variable renewable energy sources [7]

Core Viewpoint - The potential threat of quantum computers undermining the security of Bitcoin has emerged as a significant concern, contributing to a decline in Bitcoin's price to about half of its peak in October 2025 [2][4]. Group 1: Bitcoin Price Decline - Bitcoin's price has dropped significantly, currently at approximately half of its peak value reached in October 2025, attributed to investor risk aversion and delays in the easing of restrictions in the U.S. [2] - The introduction of quantum computing as a new risk factor has intensified market concerns, despite some companies and exchanges denying the associated risks [2][5]. Group 2: Research and Analysis - A report published by researchers from the Federal Reserve and the Chicago Federal Reserve in September 2025 highlighted that while altering blockchain data is currently difficult, future quantum computing capabilities could enable data breaches if transaction data is stored beforehand [4]. - The report emphasized the need to address privacy risks associated with data security in the context of quantum computing advancements [4]. Group 3: Market Reactions - S3 Partners reported a 40% increase in short positions on Strategy stocks since September 2025, indicating growing investor bets against Bitcoin's price, with concerns about quantum computing's impact on Bitcoin's vulnerability being a contributing factor [5]. - Despite the concerns, some industry leaders, such as Michael Saylor of Strategy, argue that quantum computing is still in its early development stages and may not pose a threat for at least another decade [5]. Group 4: Recent Market Movements - Following Saylor's rebuttal, Strategy's stock price rose nearly 30% on February 6 but subsequently fell again, reflecting ongoing investor anxiety, with Bitcoin's price fluctuating around $66,000 after a brief recovery to $70,000 [6].

Core Viewpoint - Japan has successfully achieved the world's first continuous recovery of rare earth mud from a depth of 5,569 meters, with plans for large-scale trials in 2027 to verify a recovery capacity of approximately 350 tons of mud per day, aiming for industrialization post-2028 fiscal year [1][4][6]. Group 1: Project Overview - The project is led by Japan's Cabinet Office and is part of the Strategic Innovation Promotion Program (SIP), focusing on the utilization of seabed resources [1][4]. - The SIP project began in 2014, with the first phase focusing on next-generation marine resource investigation technology, and has progressed to experimental mining at a depth of about 6,000 meters near Minami-Torishima [2][6]. - A large-scale verification test is planned for February 2027, with the goal of establishing a domestic production industry for rare earth elements by the end of the 2028 fiscal year [2][6]. Group 2: Resource Potential and Economic Implications - The seabed near Minami-Torishima is estimated to contain over 16 million tons of rare earth resources, including heavy rare earth elements essential for high-performance magnets used in electric vehicles and nuclear reactor control systems [6][4]. - Currently, approximately 70% of global rare earth production is dominated by China, and Japan relies on China for 63% of its rare earth imports as of 2024, highlighting the need for domestic supply chain development [6][7]. Group 3: Challenges and Future Prospects - Japan faces significant challenges in utilizing seabed resources, including the lack of existing rare earth refining equipment and the need to build infrastructure from scratch [6][7]. - The economic viability of seabed mining remains uncertain, as the project heavily relies on government subsidies, raising concerns about market competitiveness and profitability [7]. - Despite these challenges, there is a viewpoint that developing the technology to establish a domestic supply chain is crucial for Japan's economic security and potential industrial competitiveness as a maritime nation [7].

Core Viewpoint - The Japanese yen is experiencing a depreciation trend but remains confined within the 150-160 yen per dollar range, contrary to market expectations for a breakthrough [2][4]. Group 1: Yen Depreciation Dynamics - The yen's depreciation momentum is gradually waning, influenced by Prime Minister Kishida's proactive fiscal policies, which initially led to speculative selling of the yen [2]. - Despite the yen approaching the historical depreciation threshold of 160 yen per dollar, it has not managed to break through the 150-160 yen range [2][4]. - The anticipated acceleration of yen depreciation post-election has not materialized, with the yen even appreciating to the 152 yen range due to weakening U.S. economic indicators [4]. Group 2: Factors Influencing Yen Value - The rapid depreciation of the yen from the 115 yen range in early 2022 to below 160 yen was driven by speculative selling from hedge funds, followed by actual demand-driven selling from businesses [6]. - Japan's trade and service account deficit significantly narrowed, with the deficit reported at approximately 4.24 trillion yen in 2025, down from about 21 trillion yen in 2022, indicating improved export profitability and competitiveness [6]. - The structural changes in demand have limited the impact of actual demand-driven yen selling on further depreciation, as the supply-demand distortion has been largely corrected [6][8]. Group 3: Future Outlook - Without new market factors to drive yen depreciation or U.S. dollar appreciation, a breakthrough beyond the 160 yen threshold seems unlikely [8]. - The market's focus is shifting towards the monetary policy directions of the U.S. and Japan, particularly regarding potential changes in the Federal Reserve's stance and the Bank of Japan's interest rate policies [8].

Core Viewpoint - The luxury goods market is showing signs of recovery, particularly in Asia, with companies like Hermès and Burberry reporting improved sales figures, driven by demand from younger consumers and a rebound in key markets like China and the US [2][4][5]. Group 1: Hermès Performance - Hermès reported a 3% year-on-year increase in revenue for Q4 2025 (October-December), with Asian business revenue growing by 9% [2]. - For the fiscal year 2025, Hermès' revenue increased by 5% to €16 billion, and operating profit rose by 7% to €6.5 billion, despite a 2% decline in net profit to €4.5 billion due to temporary taxes imposed by the French government [4]. - The CEO of Hermès noted that the current rise in stock prices could further support the recovery of the Chinese market [5]. Group 2: Industry Trends - Other luxury brands are also experiencing a recovery, with LVMH reporting a 1% revenue increase in Q4 2025, driven by growth in China and the US [4]. - Burberry, which faced losses in the previous fiscal year, saw a 3% increase in same-store sales in Q4 2025, with the Chinese market showing the highest growth at 6% [5]. - The luxury goods market in mainland China showed signs of stabilization in mid-2025, with a slight growth of 1-3% in Q4 [5]. Group 3: Market Challenges - Despite positive financial reports, stock prices of luxury brands have not significantly increased, indicating potential risks related to stock market fluctuations [6]. - Rising costs of raw materials, such as leather and precious metals, are putting pressure on profit margins across the industry [6]. - The chairman of LVMH emphasized the need for cautious observation and strict cost management to navigate the post-pandemic recovery phase [6].

Core Viewpoint - The Milan-Cortina 2026 Winter Olympics highlights the rise of Chinese technology companies, with Alibaba and TCL among the top sponsors, marking a shift away from Japanese corporate presence in this space [2][4]. Group 1: Sponsorship and Financial Aspects - Alibaba and TCL are among three Chinese companies that have secured top sponsorship roles for the Winter Olympics, with the total revenue from top sponsors expected to reach $3 billion from 2021 to 2024 [2]. - Each top sponsor is estimated to bear a cost of approximately 8 billion Japanese yen annually [2]. Group 2: Technological Contributions - Alibaba provides AI technology for event operations and broadcasting, including a global chat service and an AI assistant for staff, utilizing its AI model "Qwen" [8]. - The Winter Olympics will feature advanced imaging technology allowing for 360-degree replays in 17 sports, with AI capable of reconstructing footage in seconds [8]. - TCL has equipped the athletes' village with smart appliances and provided technical support for broadcasting, including televisions and monitors [8]. Group 3: Comparison with Japanese Companies - The article contrasts the rise of Chinese tech firms with the decline of Japanese companies, noting that Intel and Panasonic, which supported the Tokyo 2020 Olympics, have faced challenges and are exiting sponsorship roles after the Paris 2024 Olympics [5][8]. - The shift in sponsorship dynamics reflects a broader trend of diminishing influence of Japanese technology firms in the global market, particularly in the television industry [8].

Core Viewpoint - The article discusses the significant decline in Chinese tourists visiting Japan during the Chinese New Year period, contrasting with the expected growth in overall inbound tourism and spending in Japan. The article highlights the changing consumer behavior of Chinese tourists and the varying impacts on different tourist areas and businesses in Japan [1][5]. Group 1: Tourist Trends - In 2025, the number of inbound tourists to Japan is expected to exceed 40 million, with a 10% year-on-year increase in spending from October to December [1]. - Chinese tourists have sharply decreased, with the Chinese government advising against travel to Japan, leading to a 50% year-on-year drop in Chinese visitors in December 2025 [5]. - Despite the decline in Chinese group tourists, individual tourists from Southeast Asia and other regions have increased, with some areas reporting visitor numbers at around 90% of the previous year [6][9]. Group 2: Economic Impact on Businesses - Many businesses in tourist areas report a significant drop in revenue, with some shops experiencing a 60% decrease in sales due to the lack of Chinese group tourists [3][5]. - A survey of 20 shops around the popular tourist site of Oshino Hakkai revealed that 45% reported a noticeable decrease in Chinese tourists, while 50% noted a slight decrease, indicating over 90% of shops felt the impact [5]. - In contrast, some shops in Fukuoka and Asakusa reported that the increase in Japanese and Southeast Asian tourists has helped mitigate the loss from the decline in Chinese visitors, with 58% of shops stating their revenue was not significantly affected [11][13]. Group 3: Changing Consumer Behavior - The shopping habits of Chinese tourists have shifted, with many now purchasing fewer items, often just a single snack, rather than engaging in the previous trend of "explosive buying" [14][15]. - The Japan Shopping Tourism Organization noted that the pandemic has led to an increase in products available in China, reducing the need for Chinese tourists to buy large quantities of goods while in Japan [16]. - The decline in high-value purchases has particularly affected department stores, with a reported 16.7% decrease in the number of tax-free shoppers and a 17.1% drop in tax-free sales in December 2025 [18]. Group 4: Business Adaptation Strategies - Some businesses are adapting by targeting other markets, such as developing products aimed at Western tourists and collaborating with Taiwanese companies to enhance visibility [19]. - The article suggests that while there is anxiety in the tourism sector, there remains potential for attracting repeat visitors, particularly among those who genuinely enjoy Japan [19].

Core Viewpoint - The article highlights the remarkable achievement of Japanese snowboarder Yuto Totsuka, who won the gold medal in the men's U-shaped venue event at the Milan-Cortina 2026 Winter Olympics, marking a significant moment for Japan's snowboarding history [1][2]. Group 1: Athlete's Journey - Yuto Totsuka, at 24 years old, overcame a period of struggle to claim the top podium spot in his third Olympic appearance, showcasing his resilience and determination [1]. - Totsuka expressed his emotional journey, stating that he had endured pain but ultimately realized a dream, shedding tears of joy during the award ceremony [1]. - The article recounts Totsuka's early admiration for his senior teammate Mao Yamamoto, who tragically passed away in a traffic accident at the age of 17, which deeply affected Totsuka [2]. Group 2: Previous Olympic Performances - Totsuka's first Olympic participation was at the 2018 Pyeongchang Winter Olympics, where he finished 11th after a fall in the finals, and he placed 10th in the 2022 Beijing Winter Olympics, leaving him with feelings of regret [2]. - His determination to win a gold medal was evident when he expressed his goal to a local snowboarding shop owner, showcasing his commitment to achieving success on the Olympic stage [2].