Core Viewpoint - Nissan is facing significant sales decline in North America and China, leading to a major restructuring plan that includes a substantial increase in layoffs and production cuts [1][2]. Group 1: Layoffs and Production Cuts - Nissan plans to lay off approximately 20,000 employees globally, which represents a 15% reduction in its workforce of about 130,000 [1]. - The company initially announced a layoff of 9,000 employees and a 20% reduction in production capacity (1 million units) but has since increased the layoff number by over 10,000 [1]. - The current factory utilization rates are significantly below the breakeven point of around 80%, with U.S. plants at 57.7%, Chinese plants at 45.3%, and Japanese plants at 56.7% [1]. Group 2: Financial Performance and Management Changes - Nissan's former president, Makoto Uchida, resigned in March due to poor performance and failed negotiations with Honda regarding business integration [2]. - Ivan Espinosa, previously in charge of product planning, has taken over as president and is focused on implementing structural reforms [2]. - For the fiscal year 2024, Nissan anticipates a potential loss of up to 750 billion yen and has reassessed asset values, leading to over 500 billion yen in impairment losses [2]. - The company has also scaled back growth investments, including abandoning plans for a battery plant in Kitakyushu, prioritizing cash preservation instead [2].

据悉日本政府提出制定"日美造船黄金时代计划"。预计方案主要包括日本对美国造船业的技术合作、投 资以及在破冰船领域的合作等。最终是否纳入协议，将根据美国方面的意向等进行慎重考虑…… 日本还将在吸引对美国直接投资的会议上就造船领域交换意见。驻日美国大使乔治·格拉斯在5月9日的 社交媒体上发帖透露了这一信息。 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 在日美关税谈判中，双方计划在事务层面的协商中就争议焦点展开深入讨论，在5月中旬以后召开第3次 部长级会议。日本政府将继续要求美方调整汽车、钢铁、铝等一系列措施，扩大对美国的投资也成为谈 判筹码之一。 日本国土交通省的数据显示，中国的船舶建造量最多，占全球总量的一半。第2名是韩国，日本排在第 3。韩国已在造船业领域推进对美国的投资和开展具体技术合作，目的是将其作为关税谈判的筹码。 日本经济新闻（中文版：日经中文网）获悉，日本政府在与美国特朗普政府的关税谈判中提出了造船领 域的合作方案。预计方案主要包括日本对美国造船业的技术合作、投资以及在破冰船领域的合作等。最 终是否纳入协议，将根据 ...

Core Viewpoint - Sharp is selling its second factory at the Kameyama plant to its parent company, Hon Hai Precision Industry, in response to deteriorating profitability in the liquid crystal panel business due to increased production by Chinese companies and falling panel prices [1]. Group 1 - The Kameyama plant was previously known for producing televisions that enhanced the Sharp brand's visibility [1]. - The second factory's operating rate has decreased to about 80% of its original capacity as of June 2024 [1]. - Sharp aims to improve the profitability of its liquid crystal panel business by divesting from less profitable facilities [1]. Group 2 - The Kameyama plant currently focuses on producing small to medium-sized panels for smartphones, tablets, and personal computers [1]. - The decision to sell the second factory is part of Sharp's strategy to restructure its liquid crystal panel operations and enhance overall performance [1].

Core Viewpoint - Japanese Prime Minister Shigeru Ishiba aims to seek the cancellation of tariffs imposed by the Trump administration on Japan, emphasizing that he has no intention of sacrificing rice or agriculture for the sake of automobiles [1] Group 1: Tariff Negotiations - Ishiba stated that he will pursue the cancellation of the tariffs imposed by the Trump administration during a meeting of the House of Representatives Budget Committee [1] - He commented on the recent agreement between the US and UK governments regarding automobile tariffs, indicating that it could serve as a model for future negotiations [1] Group 2: Pension Reform - Ishiba announced plans to submit a pension system reform bill to the National Diet within the week, with the aim of completing internal procedures within the Liberal Democratic Party by the 13th [1] - The proposed pension bill is designed to enhance benefits for future recipients while also including measures to increase the pension amounts for current recipients, highlighting its significant importance [1]

Group 1 - The core issue is the significant portion of overseas investors' assets in the US that remain unhedged against currency fluctuations, leading to structural problems that cannot be ignored [1][3] - The New Taiwan Dollar (TWD) appreciated approximately 10% against the US Dollar (USD) on May 2 and May 5, with the latter date marking the highest increase in 37 years, driven by speculation that Taiwan agreed to currency appreciation in US trade negotiations [2] - Concerns about the "New Taiwan Dollar shock" have made many investors skeptical about the return of previously flowing overseas investment back to the US, despite a recent trade agreement between the US and the UK [1][3] Group 2 - The CIO of a New York-based macro hedge fund noted that investors who had not hedged against currency risks began to sell their US assets or engage in hedging transactions due to the sudden market expectations of USD depreciation and TWD appreciation [2] - High levels of investment in US assets from overseas regions, including Taiwan, have been observed over the past decade, but many of these investments have not been hedged against currency risks due to the recent trend of USD appreciation [2][3] - Concerns over unpredictable trade policies from the Trump administration are causing unease among overseas investors, which may lead to a shift of funds from the US to other countries, potentially contributing to a weaker USD [3]

特朗普政府宣布已与中国政府达成一项为期90天的关税下调协议。美国财政部长贝森特5月12日在瑞士 举行的记者会上表示："双方已同意将关税下调115%"…… 特朗普政府5月12日宣布，已与中国政府就为期90天的关税下调达成一致。美国财政部长贝森特在瑞士 举行的记者会上表示："双方同意将关税下调115%"。 日本经济新闻（中文版：日经中文网）八十岛绫平 华盛顿 报道 特朗普总统在中美磋商前曾表示，"80%可能是个不错的选择"，此次达成的协议显示出比更大的让步。 贝森特在记者会上透露，中美双方就构建一个"防止不幸的关税升级再次发生的良好机制"达成一致。 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。 特朗普政府于4月2日公布了详细的对等关税措施，中国当时将基础税率10%与附加税率24%合并为 34%。其后，由于中国采取了报复措施，美国最终将关税提高至125%。 根据中美两国政府的联合声明，美方将撤销因中方报复措施而提高的关税部分。对等关税将恢复至最初 的34%，并暂停征收其中的24%加征部分，为期90天。 中方也采取相同措施，将目前对美的125%追加关税降至10%90天。此外，中国也暂时停止 ...

Core Viewpoint - China's exports to the U.S. have significantly decreased, with a year-on-year decline of 21% in April, marking the largest drop since July 2023, primarily due to high tariffs imposed by the U.S. and retaliatory measures from China [1][2] Group 1: Export Trends - In April, China's exports to the U.S. amounted to $33 billion, reflecting a 21% decrease year-on-year, with the decline attributed to the 145% tariffs imposed by the U.S. and China's 125% retaliatory tariffs [1] - The export of key products to the U.S. has seen notable reductions, including a 20% decrease in smartphone exports and a 7% decrease in toy exports compared to the previous year [1] - Despite the decline in exports to the U.S., China has experienced an increase in exports to other regions, with exports to ASEAN rising by 21% and to the EU and Japan increasing by 8% [2] Group 2: Economic Impact - The decline in exports to the U.S. is expected to negatively impact China's overall economic growth, potentially reducing the growth rate by approximately 3 percentage points, leading to a projected growth rate of around 2% by the end of 2026 [2] - In April, China's imports from the U.S. also fell by 13.8% to $12.5 billion, marking two consecutive months of negative growth [2] - The World Trade Organization (WTO) forecasts a 4-9% growth in China's exports to regions outside the U.S., indicating a shift in trade dynamics [2] Group 3: Foreign Investment Concerns - Foreign direct investment (FDI) in China remains low, with net inflows of $14.7 billion in the first quarter of 2025, which is less than 20% of the peak levels seen in early 2022 [3] - The ongoing tariff competition between the U.S. and China is becoming a burden for foreign companies, leading to a noticeable decline in their operations within China [3] - Major companies, such as TOTO and General Motors, have announced significant reductions in their manufacturing capacities in China, indicating a trend of foreign firms reconsidering their investments in the country [3]

第一次所得收支（反映海外利息和股息收入）的顺差规模扩大，推高了经常项目收支顺差。 经常项目收支由贸易收支（出口减去进口）、第一次所得收支、服务收支（包括旅游收支在内）等构 成。 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 资料图 2024年度日本经常项目收支为顺差30.3771万亿日元。顺差规模同比增长16.1％。创出有可比较数据的 1985年度以后的新高。第一次所得收支（反映海外利息和股息收入）的顺差规模扩大，推高了经常项目 收支顺差…… 日本财务省5月12日发布的2024年度国际收支统计数据（速报值）显示，经常项目收支（反映与海外的 商品、服务及投资交易情况）为顺差30.3771万亿日元。顺差规模同比增长16.1％。创出有可比较数据的 1985年度以后的新高。 ...

Core Viewpoint - Toyota is shifting its focus towards hybrid vehicles, discontinuing gasoline versions of the Corolla series in Japan, and will concentrate on hybrid models moving forward [1] Group 1: Product Strategy - Toyota announced the discontinuation of gasoline versions of the Corolla sedan in Japan, with three models including the "Wagon" and "Sport" set for partial improvements by May 19, focusing on hybrid sales [1] - The company is implementing a "group strategy" for the Corolla, unifying the three models to hybrid variants, leaving only the SUV "CROSS" and the sports car brand "GR Corolla" as gasoline options [1] - By the end of October, Toyota plans to cease production of the Corolla sedan "AXIO" and the wagon "Fielder," indicating a reduction in the number of models offered [1] Group 2: Market Trends - In recent years, Toyota has increasingly launched new models without gasoline options, as seen in the luxury "Crown" series introduced in 2022, which includes hybrid, plug-in hybrid (PHV), and fuel cell vehicles (FCV) [1]

Core Viewpoint - Boeing's reliance on imported components for aircraft manufacturing is under scrutiny due to potential tariffs, which could negatively impact its profitability and the overall U.S. trade surplus in the aviation sector [1][2]. Group 1: Trade and Tariffs - The U.S. government has initiated an investigation into the import of aircraft and components, considering tariffs that could affect Boeing's business model of importing low-cost parts and exporting high-priced aircraft [1]. - In 2024, the U.S. is projected to import $62.1 billion worth of aircraft while exporting $123.6 billion, highlighting a significant trade surplus in the aviation industry [2]. - The investigation will assess the dependency on foreign suppliers and potential subsidies from foreign governments, with a focus on national security implications [1]. Group 2: Boeing's Financial Challenges - Boeing has reported a net loss for 11 consecutive quarters, and increased costs from tariffs on imported components could further strain its financial performance [2][3]. - The CEO of Boeing, Kelly Ortberg, mentioned the possibility of seeking tariff refunds, indicating the company's concern over rising import costs [2]. Group 3: Supply Chain and Production Issues - The global aircraft industry has established an international division of labor, with significant contributions from Japanese manufacturers, which could be disrupted by potential tariffs [2][3]. - Boeing's production has been hampered by quality issues, leading to a backlog of 5,648 unfulfilled orders, which could take 6 to 7 years to clear [3]. - The average monthly delivery of components for the 787 aircraft has dropped to about 5 units, only one-third of pre-pandemic levels, indicating severe supply chain disruptions [3].