以下文章来源于FT中文网 ，作者李瀚明 FT中文网 . 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。 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。 双方达成的实质性共识只有一个——互相取消"螺旋式加码"的91%关税，同时暂停90天征收 24%的关税。这里需要注意的是，"暂停90天征收24%的关税"，其实和特朗普4月9日宣布的 对其它国家的措施是一样的——暂停90天各国超过10%的部分。 阅读更多内容请点击下方"阅读原文" （本文由FT中文网提供） 达成的实质性共识只有一个——互相取消"螺旋式加码"的91%关税，同时暂停90天征收 24%的关税。 文丨李瀚明 中美如期谈判出了一份声明——回到了今年4月加10%的基础"对等关税"水平。不过"细节是 老虎"，所以还是要捋捋声明本身，把细节说清楚。 ...

Core Viewpoint - Many companies in the machine tool and robotics sectors expect to achieve both revenue and profit growth in the fiscal year 2025, despite risks from tariffs imposed by the Trump administration, which may slow equipment investment. The prevailing view is that a recovery in demand from China and the semiconductor sector can offset these risks [1][2]. Group 1: Machine Tool Orders and Market Trends - In April, Japan's machine tool orders increased by 8% year-on-year, reaching 130.2 billion yen, marking seven consecutive months of growth [1]. - Domestic orders in Japan decreased by 5% to 34.4 billion yen, while overseas orders rose by 13% to 95.7 billion yen [1]. - Manufacturers generally believe that factory investments will remain robust, despite weaker equipment investment from small and medium-sized enterprises in Japan [1]. Group 2: Company-Specific Insights - Makino Milling Machine Co. anticipates a decrease in consolidated sales by 11.3 billion yen and operating profit by 2.1 billion yen due to yen appreciation, but expects to achieve record-high sales and operating profit for the fiscal year [1]. - Okuma Corporation expects both sales and operating profit to grow for the first time in two fiscal years, driven by strong demand in the aerospace and semiconductor sectors [2]. - SMC, a factory automation component company, estimates that tariffs and exchange rates will negatively impact sales by 55 billion yen and operating profit by 29.6 billion yen, yet plans to achieve revenue and profit growth due to investments from Chinese manufacturers [2]. - Misumi Group anticipates a decline in both revenue and profit, citing tariffs and yen appreciation as key factors [2]. Group 3: Industry Outlook and Risks - The semiconductor and Chinese market demand is believed to have bottomed out, with expectations for a comprehensive recovery in the factory automation industry by 2025, surpassing concerns over tariffs [2]. - Fanuc, a robotics company, has not disclosed performance expectations due to the unpredictable impact of U.S. tariffs, indicating a potential for increased production in the U.S. as a future option [3]. - Companies expecting revenue and profit growth must prepare for sudden changes in the business environment [4].

日经GO 世乒赛前瞻，日本队强力挑战中国队 原创 阅读全文 ...

Core Viewpoint - ASICS reported strong financial performance for Q1 2025, with net profit reaching 31.6 billion yen, a year-on-year increase of 18%, driven by high-end product sales and a focus on premium offerings [1][2] Group 1: Financial Performance - Net profit for Q1 2025 was 31.6 billion yen, marking an 18% increase year-on-year [1] - Revenue for the same period grew by 20%, reaching 208.3 billion yen, the first time exceeding 200 billion yen in Q1 [1] - Operating profit increased by 32% to 44.5 billion yen, with an operating margin improvement of 2 percentage points to 21.4% [1] Group 2: Product and Market Strategy - Sales of high-priced "sport style" casual shoes and running shoes contributed to revenue growth, particularly the Onitsuka Tiger brand, which saw a 60% increase in global sales [1] - The company is focusing on reducing entry-level product sales and concentrating on high-priced items, which has proven effective [1] Group 3: Regional Performance - Revenue growth in Japan exceeded 30%, driven by demand from foreign visitors [2] - Strong performance was also noted in Europe and the Greater China region [2] Group 4: Strategic Responses - ASICS is accelerating production aimed at the U.S. market in response to tariff impacts, with U.S. operations accounting for about 7% of operating profit [2] - The company is collaborating with shipping companies to implement early shipping measures to mitigate tariff effects [2]

《数字服务法》要求公开有关广告资金来源的信息。欧盟委员会认为TikTok的措施不够充分…… 日本经济新闻（中文版：日经中文网）辻隆史 巴黎 5月15日，作为欧盟(EU)执行机构的欧盟委员会提出临时见解，短视频应用"TikTok"违反了 数字监管的相关法规。该委员会指出，TikTok在发布视频广告的相关信息披露方面做得不充 分。 欧盟委员会根据《数字服务法》(DSA)对TikTok进行了调查，该法案规定平台运营商必须清 除非法内容。 欧盟《数字服务法》为了防止虚假信息和欺诈广告，要求公开有关广告资金来源的信息，还 规定向观众披露显示特定广告的原因。欧盟委员会认为TikTok方面的应对措施不够充分。 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 欧盟委员会负责数字政策的高级副主席维尔库宁在5月15日的声明中强调，"广告的透明度， 包括谁付钱以及如何向哪些观众推送，对于保护公众利益至关重要"。 视频号推荐内容： 欧盟委员会正就TikTok展开多项调查，怀疑其未能采取足够措施应对可能影响欧洲选举结果 的风险，以及防止未成年人沉迷的问题 ...

日本经济新闻社汇总的2025年薪资动向调查结果显示，平均薪资涨幅为5.49%。制造业出现 增长放缓的迹象，增幅与去年持平。人手不足成为难题的非制造业薪资普遍上涨，保持了泡 沫时期以来的高涨幅。美国特朗普政府的关税政策等对日本薪资上涨形成逆风。 调查于3月28日至4月18日进行，在可统计的364家公司中进行了汇总。包括定期加薪和基础 工资上调后的薪资涨幅2024年为5.49%，自2024年的5.57%下降了0.08个百分点。这是四 年来首次出现下降。 工会对大企业设定了"5%以上"的涨薪目标，超过6成的企业达成了这一目标，但4成企业的薪 资涨幅低于去年。平均薪资增长额比去年增加606日元，达到1万9207日元，创历史新高。 一直以来推动薪资增长的制造业涨幅为5.72%，下降了0.39个百分点。受中国经济放缓和原 材料价格上涨等影响，上市制造业企业2024财年（截至2025年3月）的净利润时隔1年出现 了减少。 钢铁行业薪资涨幅为6.37%，涨幅减半。由于中国钢材的过剩生产等影响，利润恶化。JFE钢 铁在提高基础工资方面连续两年做出了满额回应，但薪资涨幅从2024年的12.47%缩小到了 6.57%。 2024年 ...

Core Viewpoint - Saizeriya is expanding its overseas operations, with a focus on the Asian market, particularly China, where it plans to establish a subsidiary to manage its restaurant business [1][2][6]. Group 1: Expansion Plans - Saizeriya opened its first store in Vietnam on May 8 and plans to enter the Australian market by 2026 [1][5]. - The company aims to establish a subsidiary named "Saizeriya Restaurant Management" in Guangzhou, China, to oversee its restaurant operations [2][5]. - Saizeriya has approximately 180 stores in Shanghai and around 200 in Guangzhou, indicating a strong presence in China [2]. Group 2: Financial Performance - For the fiscal period from September 2024 to February 2025, Saizeriya reported a 16% year-on-year increase in sales, reaching 121.5 billion yen, with operating profit growing by 4% to 6.1 billion yen [6]. - The Asian business contributes 86% of the overall operating profit, highlighting its significance to the company's financial health [6]. Group 3: Future Strategies - Saizeriya plans to open 136 new stores overseas in the fiscal year ending August 2025, a 60% increase compared to the previous year [6]. - The company is also considering establishing a local entity in Australia with a capital of approximately 300 million yen, aiming to open its first store in Melbourne [5][6]. - Saizeriya's president expressed a desire to explore opportunities in Europe and North America following the expansion in Australia [5].

Core Viewpoint - Honda's net profit for the fiscal year 2024 is expected to decrease by 25% to 835.8 billion yen, primarily due to sluggish performance in the Chinese market. The forecast for fiscal year 2025 indicates a further decline of 70%, bringing net profit down to 250 billion yen [1][2]. Group 1: Financial Performance - For the fiscal year 2024, Honda's consolidated sales increased by 6% to 21.6887 trillion yen, while net profit decreased by 25% to 835.8 billion yen, impacted by weak business in China [2]. - The projected operating profit for fiscal year 2025 is expected to drop by 59% to 500 billion yen, with the impact of increased tariffs estimated to lower operating profit by 650 billion yen [1]. - The anticipated sales revenue for fiscal year 2025 is expected to decrease by 6% to 20.3 trillion yen, with global sales of four-wheeled vehicles projected to decline by 3% to 3.62 million units [1]. Group 2: External Factors - The U.S. government's tariff policy on imported vehicles and the appreciation of the yen are expected to negatively impact Honda's financial performance [1]. - The total impact from tariffs on vehicles imported from Canada, Mexico, and other countries is estimated at 300 billion yen, with additional costs from parts and materials amounting to 220 billion yen for four-wheeled vehicles and 130 billion yen for two-wheeled vehicles [1]. - The assumed exchange rate for the full fiscal year is set at 135 yen per dollar, which represents an appreciation compared to the previous fiscal year's actual rate, contributing to a profit reduction of 452 billion yen [1].

智利总统博里奇㊧和巴西总统卢拉22日就推进地区一体化达成共识（Reuters） "让南美成为世界的中心是完全可能的"，智利总统博里奇强调，将把连接巴西与智利的南美 大陆横贯陆路通道建设作为最优先事项推进。推动该项目的最大因素，是外界对与中国为首 的亚洲各国贸易扩大的高度期待…… 一项横贯南美大陆东西方向的贸易路线开通计划取得了进展。巴西和智利两国元首举行了会 谈，并就加快地区经济一体化达成共识。目的在于应对特朗普政府的关税政策。为了促进与 中国等亚洲国家的贸易，将正加快提升区域内物流效率。 从巴西到智利，全长2400公里 "让南美成为世界的中心是完全可能的。世界的未来属于南半球，尤其是太平洋一侧"，访问 巴西的智利总统博里奇于4月23日强调，将把连接巴西南部与智利北部的南美大陆横贯陆路通 道建设，作为最优先事项推进。 这是从巴西到巴拉圭、阿根廷和智利、全长2400公里的基础设施一体化计划，预计将于2026 年完成。 此外，巴西政府还提出了推动南美大陆一体化的4条线路，并为总计5个计划安排了部分预 算。国有的巴西国家经济和社会发展银行(BNDES)和美洲开发银行(IDB)等也计划提供贷款。 巴西从太平洋一侧向亚 ...

Core Viewpoint - The WTO Director-General Ngozi Okonjo-Iweala acknowledges the paralysis of the appellate body and expresses a positive willingness to utilize the Multi-Party Interim Appeal Arbitration Arrangement (MPIA) as a substitute [1][2] Group 1: WTO Reform and MPIA - The WTO's appellate body is confirmed to be in a state of paralysis, prompting the need for alternative mechanisms like MPIA [1] - Okonjo-Iweala emphasizes Japan's role in promoting participation from ASEAN and other member countries in the MPIA [1] - She asserts that even if the appellate body is restored, the MPIA should still exist as a viable alternative [2] Group 2: National Security Exception and U.S. Relations - There is a call for clearer and more cautious definitions regarding the WTO's "national security exception" rule, which allows countries to raise tariffs under certain conditions [2] - Okonjo-Iweala acknowledges the legitimacy of U.S. criticisms of the WTO and advocates for collaboration with the U.S. to reform the organization [2] Group 3: Importance of WTO - The WTO is described as a symbol of a multilateral system based on predictable and fair rules, with 90% of global trade occurring outside the U.S. [2] - The historical context of the WTO's establishment is highlighted, emphasizing the need to learn from past lessons to avoid a return to protectionism [2]