Core Viewpoint - The Bank of Japan (BOJ) has decided to sell its holdings of exchange-traded funds (ETFs), a move perceived as unexpected by the market, which was carefully timed to minimize market impact [2][9]. Group 1: Decision-Making Process - The decision to sell ETFs was established as early as March 2024, prior to the lifting of the negative interest rate policy, with various options considered before settling on a gradual market sale strategy [4]. - The BOJ's approach involved private consultations with the Ministry of Finance, gradually narrowing down the options to a framework for selling ETFs in small amounts over an extended period [4][5]. Group 2: Historical Context of ETF Transactions - The BOJ began purchasing ETFs in October 2010 as part of a broader monetary easing strategy, with significant increases in purchase amounts over the years, culminating in a maximum annual purchase limit of 12 trillion yen in March 2020 [5]. - The BOJ's decision to cease new purchases in March 2024 marked a significant shift in its monetary policy, with the final sale of stocks purchased from Japanese banks expected to be completed by July 2025 [5]. Group 3: Market Reactions and Timing - Following the announcement of the ETF sale, the market experienced initial volatility, with the Nikkei index dropping over 800 points before recovering to a smaller decline by the end of the trading day [9][10]. - The timing of the decision was influenced by the political landscape, as the BOJ sought to act independently during a period of political transition in Japan, ensuring minimal interference from government entities [9]. Group 4: Future Implications - The BOJ president indicated that the process of selling ETFs could take over 100 years, suggesting a long-term strategy that would not disrupt the market significantly [10]. - The decision to sell ETFs may facilitate discussions regarding potential interest rate hikes in the future, as the BOJ navigates its monetary policy in a changing economic environment [10].

9月2 4日出席阿里云活动的阿里巴巴CEO吴泳铭（活动直播画面的截图） 阿里巴巴集团日前展示了搭载自主研发半导体的AI服务器，华为也于近日宣布将在2028年前推出4款AI 半导体产品。据预测，在中国AI半导体市场，最大企业英伟达的市场份额将从2024年的66%降至2025年 的54%…… 9月24日，阿里云年度大会在浙江省杭州市拉开帷幕。出席开幕式的该公司首席执行官（CEO）吴泳铭 强调称, AI行业的发展速度和对基础设施的需求远超预期。 阿里今年2月宣布计划在3年内向AI和云领域投入3800亿元人民币，吴泳铭也表示，将进一步增加投 资。 吴泳铭指出，全球AI投资总额每年超过4000亿美元，未来5年将超过4万亿美元。 阿里展示的搭载自主研发半导体的最新型AI服务器（ 9月24日，杭州） 会场内最受关注的是搭载阿里自主研发半导体的最新型AI服务器。解说员表示，"该服务器还可用于AI 的学习，正在用于公司内部开发等"。 美国调查公司Omdia的铃木寿哉表示，阿里提供的AI开发环境适合推理，易于从英伟达的AI开发平 台"CUDA"转移。他认为"在即便没有（英伟达向中国提供的半导体芯片）H20、中国政府也不会（在AI ...

Core Viewpoint - China, as a developing country, will not seek new special and differential treatment in current and future WTO negotiations, contrasting with the protectionist stance of the Trump administration [2][9]. Group 1: China's Position in WTO - China joined the WTO in 2001 as a developing country and has undergone significant trade reforms, resulting in a trade volume that has expanded approximately 12 times by 2024 compared to when it joined [6][8]. - The decision to not seek new special and differential treatment reflects China's commitment to multilateral trade and its desire to assume a leadership role in global trade, especially in light of rising protectionism from the U.S. [9][10]. Group 2: Implications of China's Decision - Despite not seeking new special treatment, China's actual trade burdens are expected to remain largely unchanged, as criticisms regarding its export subsidies persist [9]. - The Chinese government emphasizes that it will continue to advocate for its rights as a developing country in areas such as climate change and public health, while maintaining its status as the largest developing country [10].

编者荐语： 上海国际车展上的比亚迪（4月下旬） 虽说中国汽车品牌进入欧洲并没有将德国市场作为首站，但可以说，德国市场才是 众品牌心目的汽车高地和终极目标。 日本经济新闻社与金融时报2015年11月合并为同一家媒体集团。同样于19世纪创刊的日本和英国的两家 报社形成的同盟正以"高品质、最强大的经济新闻学"为旗帜，推进共同特辑等广泛领域的协作。此次， 作为其中的一环，两家报社的中文网之间实现文章互换。 文丨FT中文网专栏作家 张冬方 以下文章来源于FT中文网 ，作者张冬方 "这仅仅只是开始。" 在慕尼黑2025国际车展上，比亚迪执行副总裁李柯在谈到比亚迪欧洲扩 张战略时如是说。她在发布会上介绍道，至今年年底，比亚迪将在32个欧洲国家开设超过 1000家门店，而这仅仅只是开始。 FT中文网 . 英国《金融时报》集团旗下唯一的中文商业财经网站，旨在为中国商业菁英和决策者们提供每日不可或 缺的商业财经资讯、深度分析以及评论。 "这仅仅只是开始"这句话可以做好几种解读。在第一种解读中，"只是"就是字面意思。在欧 洲市场，尤其在最难攻克的德国市场，中国汽车品牌不过初来乍到，还处于摸索阶段，确实 不过是万里长征的第一步。据德 ...

日经GO 东京晴空塔将改为每日浮动票价 原创 阅读全文 ...

Group 1 - The core viewpoint emphasizes the need to confront historical issues to pave the way for a brighter future, highlighting Asia's spirit of tolerance as a driving force for lasting world peace [2][6] - The speech covered five main topics: UN reform, the Middle East, nuclear disarmament, North Korea, and development [4] - Japan's long-standing support for a two-state solution between Israel and Palestine was reiterated, with a warning that Japan may consider new measures if Israel continues unilateral actions [4][6] Group 2 - The speech criticized Israel's actions in the Middle East while urging Palestine to take responsible measures, such as releasing hostages held by Hamas [4] - Japan has not yet recognized Palestine, unlike France, the UK, and Canada, which have done so during the UN General Assembly [6] - The call for UN reform included expanding the seats of both permanent and non-permanent members of the Security Council, addressing the limitations of the current UN structure [6] Group 3 - The discussion on nuclear disarmament highlighted the necessity of a collaborative approach between nuclear and non-nuclear states under the Non-Proliferation Treaty (NPT) [6] - The speech included a critique of North Korea's nuclear development as a significant threat to international peace and security [6]

Group 1 - The Nikkei average index continued to rise, closing at 45,630.31 points on September 24, up 136.65 points (0.3%) from the previous day, marking a new high for two consecutive trading days [2] - SoftBank Group's stock surged over 6% due to plans for significant AI-related investments in the U.S., which boosted the overall market [4] - The investment in AI infrastructure, named "Stargate," is expected to reach $400 billion over the next three years, with multiple data centers planned in Texas and other locations [4] Group 2 - The Nikkei index has risen over 3,000 points in just three weeks since hitting a low of 41,938 points on September 3 [4] - The ratio of advancing to declining stocks, calculated based on index components, was 117% as of September 22, approaching the "overbought" signal level of 120% [4] - Despite concerns of market overheating, analysts believe there is still upward potential for the Nikkei average, as its deviation from the 25-day moving average remains within 5% [5]

Core Insights - The Indian government's policies are restoring market confidence, with the SENSEX index rising by 3.5% in September, indicating a potential recovery in the stock market [1][3] - The SENSEX index closed at 82,626 points on September 19, just 4% away from its historical high of 85,836 points set in September 2024 [3] - There are signs of reduced selling pressure from foreign investors, with net purchases of $189 million recorded in the third week of September [6] Group 1: Government Policies and Market Response - The government's large-scale tax cuts are expected to boost consumer spending, contributing to GDP growth [8] - The reduction in the Goods and Services Tax (GST) on various products, particularly in the automotive sector, is a significant aspect of the tax reform [6][9] - The market's positive response is also linked to the resumption of trade negotiations with the U.S. and the potential for lower tariffs [9] Group 2: Economic Forecasts and Investment Sentiment - DBS Group Research has raised its GDP growth forecast for India from 6.3% to 6.7% for the fiscal year ending March 2026 [8] - Morgan Stanley predicts a 50% chance that the SENSEX index will reach 89,000 points by June 2026, with a 30% probability of hitting 100,000 points [9] - The expectation of a potential interest rate cut by the Reserve Bank of India is also contributing to positive market sentiment [9]

Core Viewpoint - The OECD has revised its global economic growth forecast for 2025 to 3.2%, an increase of 0.3 percentage points from the previous June forecast, driven by AI-related investments in the US and fiscal stimulus in China [2][4]. Economic Growth Forecasts - The OECD predicts a global economic growth rate of 3.3% for 2024, slowing to 3.2% in 2025 and further to 2.9% in 2026 [4]. - For the US, the growth forecast for 2025 is set at 1.8%, up by 0.2 percentage points, but down from 2.8% in 2024. High tariffs and reduced immigration are offsetting the effects of strong high-tech investments [6]. - The Eurozone's growth forecast has been raised by 0.2 percentage points to 1.2%, with current policy rates at 2%, half of the peak rates from 2023-2024 [6]. - China's growth forecast for 2025 is adjusted to 4.9%, an increase of 0.2 percentage points, expected to remain stable compared to 2024's 5% [6]. - Japan's growth forecast has been increased by 0.4 percentage points to 1.1%, supported by strong corporate earnings and investment growth [6]. Economic Risks - The OECD highlights that fiscal risks, including rising defense spending and aging population costs, are concerns for the global economy. Increased government bond yields are also seen as evidence of rising future risks for investors [6].

Core Viewpoint - CAPCOM has achieved significant growth in the gaming industry, with a successful launch of the new title "Monster Hunter: Wales," selling 10 million copies within a month, marking a historic milestone for the company [3][9]. Group 1: Company Performance - CAPCOM has reported 12 consecutive quarters of operating profit growth and has achieved over 10% operating profit growth for 10 consecutive quarters [5]. - The company has reached its highest-ever consolidated sales and operating profit, indicating stable and high growth in a volatile gaming market [5]. Group 2: Product Launch - The release of "Monster Hunter: Wales" in February 2025 was a key highlight, with the company implementing various strategies to achieve the ambitious sales target of 10 million copies [6][9]. - The success of this title not only set a record for CAPCOM but also provided valuable experience for future game launches, emphasizing the importance of boosting initial sales [9][10]. Group 3: Industry Context - The gaming industry is characterized by rapid changes, and CAPCOM's sustained performance over the past decade positions it as a strong player amidst these fluctuations [3]. - The company's recent achievements in esports, including a successful event held in March 2025, further establish its goals as a business entity within the gaming sector [3].