Core Viewpoint - BYD's electric vehicle (EV) sales in Europe surpassed Tesla for the first time, marking a significant shift in the European automotive market dynamics [1][2]. Group 1: Sales Performance - In April, BYD's EV sales in 28 European countries increased by 169% year-on-year, reaching 7,231 units, while Tesla's sales decreased by 49% to 7,165 units [1]. - Including plug-in hybrid vehicles (PHVs), BYD's total sales growth reached 359% [1]. - The sales gap between BYD and Tesla, although narrow, signifies a major impact on the European automotive market [1]. Group 2: Market Dynamics - The European Union plans to impose additional tariffs on imported Chinese EVs starting October 2024, raising the total tax rate to a maximum of 45.3% [2]. - Despite the impending tariffs, Chinese manufacturers saw a 59% increase in EV sales in Europe in April, totaling 15,300 units [2]. Group 3: Strategic Developments - BYD is planning to establish an EV assembly plant in Hungary to enhance its production capabilities for the European market [1]. - The company is also deploying its own large EV transport ships to improve supply capacity [1].

日经GO 日本2025年应届本科生就业率98.0%，历史第二 原创 阅读全文 ...

Core Viewpoint - Japan's real wages, adjusted for price fluctuations, decreased by 0.5% in 2024 compared to the previous year, marking three consecutive years of negative growth. Despite nominal wage increases, the impact of rising prices, particularly for rice, has led to a reduction in real wages [1]. Group 1: Wage Statistics - The actual wage decline in 2024 is less severe than in 2023, narrowing by 1.7 percentage points. The consumer price index used for calculating real wages increased by 3.5%, continuing a trend of over 3% for three years [1]. - The average nominal cash wage for 2024 is 349,388 yen (approximately 17,500 RMB), reflecting a 3.0% increase from the previous year, which is the highest nominal wage growth since 1991 [1]. - For regular employees, cash wages increased by 3.5% to 455,726 yen (approximately 22,900 RMB), while part-time workers saw a 3.9% increase to 112,637 yen (approximately 5,659 RMB) [2]. Group 2: Sector Analysis - Fixed wages, including base salary and family allowances, rose to 263,381 yen (approximately 13,200 RMB), with a growth rate of 2.1%, surpassing 2% for the first time since 1994 [2]. - The mining and quarrying sector experienced the highest growth in fixed wages at 5.6%, followed by the life-related services and information communication sectors at 4.4% and 3.8%, respectively [2]. - Bonuses and special payments increased by 7.5%, a significant rise of 5.9 percentage points from the previous year, indicating a strong performance in this area despite overall real wage declines [2].

特朗普的决策将左右收购案的走向（REUTERS） 美国外国投资委员会（CFIUS）对日本制铁收购美国钢铁的重新审查预计于5月21日结束。在CFIUS向 特朗普汇报后，特朗普将在15天内做出决定。日本制铁已向美国政府打出了大幅增加对美设备投资这张 王牌…… 围绕日本制铁收购美国钢铁（US Steel）的计划，美国政府的重新审查已进入需由总统特朗 普做出最终决定的阶段。预计相关部门将在完成审查后，向特朗普汇报意见。焦点在于特朗 普是否认可日铁不断增加的收购条件有助于复兴美国制造业。 特朗普4月7日命令美国政府在45天内对日铁的收购计划进行重新审查。美国外国投资委员会 （CFIUS）将在完成审查后，向特朗普汇报审查内容。汇报后，特朗普将在15天内做出决 定。 同样在2024年12月，日铁向美国方面提出了一个提案，承诺在收购完成后的10年内未经 CFIUS批准不会关闭美国钢铁的设施，且维持现有产能。但就在此后拜登发布了停止收购的命 令。 日本经济新闻（中文版：日经中文网）八十岛绫平 华盛顿报道 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 对于特朗普来说，没有理由不欢迎外资增加投资。他以振 ...

Core Viewpoint - Japan's Finance Minister Kato emphasizes that tariff measures may not be suitable for correcting macroeconomic imbalances related to trade balance issues [1] Group 1: Meeting Context - The meeting between Japan's Finance Minister Kato and U.S. Treasury Secretary Mnuchin took place on May 21 in Banff, Canada, during the G7 finance ministers and central bank governors meeting [1] - This was the second meeting following discussions in April, lasting approximately 30 minutes [1] Group 2: Tariff and Currency Discussions - Kato strongly urged the U.S. to adjust tariff measures, stating that tariffs are not necessarily the appropriate means to address macroeconomic imbalances [1] - Kato confirmed that there was no discussion on the level of exchange rates during the meeting, consistent with previous talks [1] - The U.S. has not mentioned any targets or frameworks for managing exchange rates, according to Kato [1] Group 3: Future Negotiations - The tariff negotiations are led by Japan's Minister for Economic and Fiscal Policy, Akizawa, who is scheduled to visit the U.S. starting May 23 for further discussions [2]

Core Viewpoint - The article discusses the challenges and opportunities for Japan in attracting American researchers due to the budget cuts and unfavorable conditions in the U.S. research environment under the Trump administration. Japan's response has been slower compared to Europe and China, which are actively competing for talent [1][7]. Group 1: Current Situation of American Researchers - 75% of American researchers are considering leaving the U.S. due to budget cuts and a lack of support for scientific research [3]. - Tokyo University professor Yoshikazu Sato has received inquiries from American researchers about conducting research in Japan, indicating a potential influx of talent if Japan can create a welcoming environment [1][3]. Group 2: Japan's Response and Challenges - Japan's response to attracting American researchers has been slow, with only a few universities, like Hokkaido University, actively discussing plans to recruit them [4]. - The average salary for professors in Japan is about 12 million yen (approximately 605,000 RMB), which is only half of the average salary for professors in the U.S. at around 15,500 USD (approximately 1.12 million RMB) [6]. Group 3: Government and Institutional Attitudes - The Japanese Ministry of Education, Culture, Sports, Science and Technology is cautious about actively recruiting American researchers, citing concerns about attracting attention from the Trump administration [5]. - Japan's internationalization in research is lacking, with foreign faculty making up less than 10% of the total, compared to around 50% in the U.S. and the U.K. [5]. Group 4: Global Competition for Talent - Europe is actively implementing policies to attract foreign researchers, with initiatives from the European Commission and individual countries like France and Germany [7]. - China is also competing for talent by targeting displaced American scientists, indicating a global race for research talent [7].

斯蒂芬•米兰认为美元储备地位、美元高估和贸易逆差面临取舍，高估的美元让制造业 竞争力下降，但也维系"美元霸权"。如何改革逆差过大和制造业衰落？ 文丨陈稻田 特朗普的经济顾问委员会主席斯蒂芬•米兰（Stephen Miran）在经济学博士毕业后立刻进入 华尔街做外汇交易，在今年2月份参议院的任职听证会上，他表示这段市场考验让他不再"书 生气"，而是开始"接地气"。在解释为什么他可以胜任总统经济顾问一职时，米兰表示他的普 通家庭背景让他会更关注普通人；而导师费尔德斯坦（曾经是里根的经济顾问）和米兰讨论 论文的时候总是要求说："假想我是参议员，你说的东西要让我能听懂"，米兰表示这个训练 也让他做好了和职业政治家交流的准备。2024年11月大选之前不久，还在一家投资基金担任 策略师的米兰写下了一篇策论文章，讨论特朗普胜选后可能以及应该的各种经济策略、取 舍、以及风险考量，其中详细讨论了名为"海湖庄园协议"的新国际金融体系。很自然，在他 获得重用后"海湖庄园协议"在美国内外都获得了相当的关注。 阅读更多内容请点击下方"阅读原文" （本文由FT中文网提供） 编者荐语： 日本经济新闻社与金融时报2015年11月合并为同一家 ...

Core Viewpoint - The rise in long-term bond yields across major economies, including the US, Japan, and Europe, is driven by concerns over fiscal instability and inflation, leading to potential economic slowdown and market volatility [1][3][6]. Group 1: Bond Market Trends - On May 21, the yield on the US 30-year Treasury bond rose to nearly 5.1%, the highest level in 1.5 years, with an increase of over 0.4% since the beginning of May [3]. - The rise in yields is not limited to the US; the UK 30-year bond yield reached 5.5%, and Germany's rose to approximately 3.1% [3]. - Japan's newly issued 30-year and 40-year bonds also hit historical highs, reflecting a broader trend of increasing long-term interest rates [3][6]. Group 2: Economic Indicators and Inflation - Concerns over inflation have intensified, with the US April employment data exceeding market expectations, leading to a belief that the Federal Reserve may only lower interest rates once this year [4]. - In the UK, the Consumer Price Index rose by 3.5% year-on-year in April, the highest in 15 months, prompting discussions about the pace of future interest rate cuts by the Bank of England [5]. Group 3: Fiscal Instability - The US Congress is coordinating fiscal legislation that could lead to a significant deterioration in fiscal health, with estimates suggesting a potential increase in public debt by $3 trillion to $5 trillion over the next decade [6]. - Japan is also experiencing fiscal expansion discussions ahead of the summer elections, with proposals for tax cuts [6]. - The perception of fiscal instability is contributing to rising interest rates, as investors express concerns over the sustainability of government debt [6][7]. Group 4: Impact on Investment and Financial Markets - The increase in long-term interest rates poses challenges for investments reliant on long-term borrowing, such as housing, with the 30-year mortgage rate rising to 6.92% [8]. - High interest rates may lead to increased bankruptcies among heavily indebted companies and could impact financial institutions holding significant amounts of US Treasuries [8].

纽约国际车展上展出的丰田汽车 日本4月对美汽车出口单价约为407万日元，同比下跌约15％。有声音指出，美国对汽车启动追加关税 后，为了缓解出口下滑，日本车企在一定程度上消化了关税上调导致的涨价部分，并进行了降价…… 美国特朗普政府采取关税政策后，日本的汽车出口发生变化。日本财务省5月21日发布的4月 贸易统计速报显示，对美汽车出口单价约为407万日元，较上年同期下跌15％左右。有声音 指出，美国对汽车启动追加关税政策后，由日本企业消化了负担上升部分。 美国于4月3日对汽车启动25％的追加关税，并于5日启动对各国一律征收10％的对等关税。4 月贸易统计速报显示，日本对美出口额同比减少1.8％，降至1.7708万亿日元。汽车出口额减 少4.8％，降至5130亿日元，是4个月来首次下降。 汽车出口量为12万5817辆，增长11.8％，连续4个月增长。 视频号推荐内容： 日本银行（央行）14日发布的4月企业物价指数（速报值）显示，按合同货币计算，对北美乘 用车出口物价指数同比下降4.6％。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 日经中文网 https://cn.nikkei.com ...

Core Viewpoint - Toyota is shifting its business model from traditional car sales to a software-driven approach with the launch of the 6th generation RAV4, which features the proprietary operating system Arene, allowing for software updates to enhance vehicle functionality [1][2]. Group 1: Product Launch and Features - The new RAV4 will be launched in over 180 countries and regions, with a domestic release in Japan planned for the 2025 fiscal year [1]. - The RAV4 will be available in hybrid (HV) and plug-in hybrid (PHV) versions, while the pure gasoline variant will be discontinued [2]. - The vehicle is designed to support advanced safety features and multimedia capabilities through Arene, although its application in powertrain and body control is still pending [2]. Group 2: Market Strategy and Sales Projections - In 2024, RAV4's global sales are projected to reach 1.1 million units, accounting for 10% of Toyota's total global sales of 10.15 million units [2]. - The U.S. market is crucial for RAV4, contributing to 40% of its total sales, and the model is expected to rank third in sales behind Ford's F-Series and GM's Silverado [2]. - To mitigate the impact of U.S. tariffs, Toyota is increasing local production in the U.S., with plans to reduce exports from Japan to approximately 100,000 units in 2024, down from 250,000 units in 2018 [2]. Group 3: Software-Defined Vehicle (SDV) Landscape - The concept of software-defined vehicles is gaining traction, with competitors like Tesla offering over-the-air (OTA) updates and paid upgrades for features such as autonomous driving [3]. - The global market for software-defined vehicles is expected to reach approximately $300 billion by 2034, indicating significant growth potential in this sector [3]. - The ability to integrate external applications into the vehicle's software ecosystem will be crucial for competitive advantage, similar to how iOS and Android dominate the smartphone market [4].