Core Viewpoint - The article discusses the fluctuations in Asian currencies, particularly the South Korean won and the Japanese yen, against the US dollar, driven by expectations of US pressure on countries with trade deficits to appreciate their currencies [1][3]. Group 1: Currency Fluctuations - On May 14, the South Korean won appreciated by 2% against the US dollar, while the Japanese yen also saw an increase, reaching a level of 145.70 yen per dollar, indicating a significant shift in the currency market [1]. - The South Korean won traded at approximately 1380 won per dollar, reflecting a 2% increase from the previous day, influenced by reports of US-Korea trade discussions that included currency issues [1][3]. Group 2: US Trade Negotiations - The article highlights that the US is expected to exert pressure on Asian countries with trade deficits to appreciate their currencies, a sentiment that has been echoed in previous trade negotiations [3][4]. - The US government's stance, as articulated by economic advisors, suggests that a weaker dollar could enhance the competitiveness of American manufacturing, although there are conflicting reports regarding the actual intent to devalue the dollar [2][3]. Group 3: Market Reactions - The Taiwanese dollar appreciated by approximately 10% against the US dollar during early May, attributed to speculation that the US was pressuring Taiwan to strengthen its currency amid trade talks [3]. - Asian investors have increased their exposure to US assets without hedging against currency risks, leading to heightened volatility in the currency markets [3]. Group 4: Future Expectations - There is a prevailing expectation that currency volatility will increase in the short term, with market analysts suggesting that the US dollar is overvalued based on purchasing power parity [4]. - Discussions at the upcoming G7 meeting regarding currency issues are anticipated to further influence market sentiments and currency valuations [4].

Core Viewpoint - Panasonic HD has developed a high-strength plastic made from cellulose fibers extracted from wood and petroleum-based nylon resins, with 40% of the raw materials sourced from plants, aiming to meet the growing demand for eco-friendly materials in high-safety applications like automotive and home appliances [1][2]. Group 1: Product Development - The new plastic will be launched in pellet form by 2027 and is expected to be applied in Panasonic's home appliances by March 2028 [1]. - The plastic exhibits comparable strength and elasticity to conventional high-performance plastics used in automotive interior components when bent at high temperatures of 80 degrees Celsius [1]. - The new product is over 10% lighter than standard plastics, contributing to the lightweighting of vehicles and appliances, although its cost is 3 to 4 times higher than that of ordinary plastics [1]. Group 2: Technological Advancements - Panasonic has utilized special chemical reactions and additives to achieve molecular-level bonding between cellulose fibers and petroleum-based resins, enhancing the strength of the material [1]. - Since 2015, Panasonic has been actively researching to reduce the use of petroleum-based plastics in home appliances, with this new plastic being a follow-up to the biodegradable plastic announced at the CES in January 2025 [1]. Group 3: Market Strategy - To expand the application of the new plastic into industrial sectors, Panasonic is focusing on increasing its strength and promoting the product beyond the company [2].

Core Viewpoint - The article discusses the U.S. government's restrictions on Huawei's AI semiconductor products, particularly the Ascend series, in an effort to curb China's AI technology development [1][2]. Group 1: U.S. Government Actions - The U.S. Department of Commerce's Bureau of Industry and Security (BIS) issued guidelines stating that using Huawei's Ascend AI semiconductors could violate U.S. export control regulations [1]. - The guidelines specifically target the Ascend series, including models 910B, 910C, and 910D, which are seen as alternatives to NVIDIA products that are restricted from export to China [1][2]. - The U.S. government warns that companies using Ascend semiconductors without permission may face penalties such as fines or revocation of export licenses [1]. Group 2: Product Development and Market Impact - The Ascend 910B is currently available, while the 910C is expected to begin mass production and shipping in May [1]. - The 910D is still in the research and development phase, with initial samples expected to be delivered to Chinese customers after late May [1]. - The U.S. government not only restricts the use of Ascend semiconductors but also limits access to data necessary for their production and development [1]. Group 3: Broader Context of U.S.-China Relations - The article notes that the Biden administration has continued the trend of restricting semiconductor exports to China, initiated during the Trump administration [2][3]. - The Trump administration is expected to further strengthen restrictions on Huawei's semiconductors while also revoking Biden's proposed measures to enhance export controls on AI semiconductors [3].

国际货币基金组织(IMF)发布的官方外汇储备货币构成(COFER)显示，截至2024年底的全球外汇储备为 12.3641万亿美元。其中美元占比为57.8%，比前一年底下降0.6个百分点。虽然美元在2000年前后达到 顶峰时超过70%，但近年来该比例持续下降。 出于对保有资产进行国际分散的考虑，全球各国政府和央行正加快"去美元化"的步伐。作为美元的替代 资产，黄金正受到越来越多的关注。黄金不依附于任何特定国家，因此也被称为"无国籍货币"。 世界黄金协会(WGC)的数据显示，截至2024年12月，俄罗斯在外汇储备中持有约2300吨黄金，占该国外 汇储备的32%。与10年前相比，俄罗斯的黄金储备量增至近2倍。 美国多次对俄罗斯、中国等实施金融制裁，将其排除在美元结算体系之外。2022年，作为对俄罗斯发动 乌克兰战争的经济制裁措施之一，美国等西方国家将俄罗斯多家主要银行剔除出环球银行间金融通信协 会（SWIFT）系统。 全球外汇储备的约一半在亚洲。截至2024年底，作为最大持有国的中国约为3.45万亿美元，约占全球外 汇储备的四分之一。有观点指出，"对美国等西方国家怀有不满的国家可能正在构建美元之外的资金结 算体系" ...

Group 1 - The core strategy of Chery Automobile in entering the European market involves initially focusing on internal combustion engines before transitioning to electric and hybrid vehicles [2][3]. - Chery's two brands, JAECOO and OMODA, recorded sales of 13,829 and 7,947 units respectively in the first quarter of 2025 across 28 European countries [3]. - The company officially began its European journey in February 2024 by entering the Spanish market, indicating a cautious and strategic approach to market entry [3].

日经GO 日本旅游收支顺差增长58％，成为赚钱支柱 原创 阅读全文 ...

受关税影响的主要是在美国和墨西哥工厂生产的空调零部件。涉及对象是从中国和其他亚洲国家进口的 住宅用空调零部件。虽然数量较少，但采用日本技术的住宅用空调以及部分Applied产品需要从亚洲出 口成品，因此预计会受到一定影响。 大金的印度工厂 "虽然间接影响目前无法预测，但我们会采取灵活措施，将影响降至最低"，在当天于大阪总部召开的财 报发布会上，大金社长竹中直文就特朗普关税强调道。 原材料涨价将成为导致利润减少980亿日元的主要原因，其中特朗普关税的影响为约470亿日元…… 由于特朗普关税导致前景不明朗，设备投资停滞的担忧无法消除。数据中心和工厂使用的Applied产品 有时单笔订单额可达数十亿日元，这些需求也存在减少的风险。 5月8日，日本大金工业发布消息称，预计2025财年（截至2026年3月）的合并净利润将同比增长3％，达 到2720亿日元，创下历史最高纪录。数据中心用途的空调将对收益起到拉动作用。预计美国特朗普政府 启动的关税措施将成为导致大金利润减少约470亿日元的主要原因，但计划通过转嫁到价格上以及更换 原材料来抵消。 据美国商务部称，3月的住宅开工数量环比减少11.4％，降至132.4万户（经季节 ...

Core Viewpoint - Sony Group expects a 0.3% year-on-year increase in consolidated operating profit (excluding financial services) for the fiscal year 2025, reaching 1.28 trillion yen, marking a record high for three consecutive fiscal years [1] Financial Performance - The company's sales are projected to decline by 3% year-on-year to 11.7 trillion yen, while net profit is expected to drop by 13% to 930 billion yen due to the dissolution of subsidiaries and reduced tax burdens [1] - The gaming, music, and film sectors are anticipated to account for 67% of sales and 70% of operating profit in the fiscal year 2024 [1] Gaming Business Outlook - The gaming segment's operating profit is expected to grow by 16% to 480 billion yen in the fiscal year 2025, driven by popular game sequels and subscription services [3] - The impact of U.S. tariffs, particularly on movies produced outside the U.S., could reduce operating profit by 100 billion yen, although this has not been included in the profit forecast [3] Market Position and Stock Performance - Sony's market capitalization is approaching that of Disney, with a closing stock price increase of 4% to 3,788 yen on May 14, resulting in a market value of 23.2954 trillion yen, approximately 6 trillion yen less than Disney's market value [3] - Analysts express confidence in Sony's profit growth trend even after excluding financial services, providing reassurance to the market [3] Content Strategy and Synergies - Sony's CEO highlighted the importance of expanding intellectual property across various entertainment sectors, with over ten projects in development to adapt games into films and TV shows [4] - The acquisition of Crunchyroll and Aniplex is expected to enhance content offerings, with plans to adapt the popular game "Ghost of Tsushima" into an animated series set for release in 2027 [5] Industry Growth and Competition - Japan's content industry exports reached 5.8 trillion yen in 2023, surpassing semiconductors and steel, with a government target of 20 trillion yen by 2033 [5] - Competition for strong content through mergers and acquisitions is intensifying, with Sony facing challenges in maintaining financial discipline while competing with larger overseas firms [5]

(Reuters) 桃井裕理：中国之所以强硬，是因为中国从第一次特朗普政府的贸易战以来，历经七年推进了相关准 备，核心是推动经济结构转型，打造没有美国也能生存的经济。2018年至今新增出口额超过1万亿美 元，相当于中国每年对美出口额的两倍…… 桃井裕理： 特朗普政府于美国东部时间14日凌晨0点1分（北京时间下午12点1分）将对中国的追加关税 从145%下调了115%。对800美元以下的小额货物征收120%的关税或每件100美元的关税，也一并降至 54%。面对中国的反制，美国并未再反击，而是退让了。 美国对中国的追加关税目前是10%的基础对等关税税率，再加上之前以打击非法药品为名设定的20%， 总共为30%。 特朗普于4月2日宣布对中国征收34%的对等关税，中国则采取了全面抗争的姿态而非谈判解决。美国将 对等关税提高至84%、125%，中国就以相同水平回应，最终美方对中方的追加关税达到了145%。 中国之所以强硬，是因为中国从第一次特朗普政府的贸易战以来，历经七年推进了相关准备，其核心是 推动经济结构转型，打造没有美国也能生存的经济。 中国对美以外国家的出口额在2018年至今的六年间增加了超过1万亿美元，总出口 ...

Core Viewpoint - The proportion of U.S. stocks held by institutional investors has dropped to its lowest level in nearly two years due to uncertainties surrounding tariff policies and economic concerns, leading many investors to shift their funds to Europe and other regions [1]. Group 1: Institutional Investor Survey Findings - The survey conducted by Bank of America (BofA) from May 2 to May 8 indicates that the net allocation of U.S. stocks has turned negative, with a difference of -38% between investors who are overweight (bullish) and those who are underweight (bearish) [1]. - Among various regions, only Europe saw an increase in asset allocation from institutional investors during this period [1]. Group 2: Market Sentiment and Strategy - BofA Securities' Chief Japan Equity Strategist, Masashi Sato, noted that the end of U.S. reciprocal tariffs is not yet in sight, and there is a perspective that funds previously concentrated in the U.S. may diversify, making European stocks a target for investors [1].