Core Viewpoint - The consumption of Chinese tourists in Japan is slowing down due to the deteriorating relations between China and Japan, impacting the tourism industry significantly [2]. Group 1: Impact on Tourism - The number of Chinese tourists visiting Japan has decreased, leading to a decline in overall spending [2]. - In 2022, Chinese tourists accounted for approximately 30% of Japan's total inbound tourism expenditure, highlighting their importance to the industry [2]. - The ongoing geopolitical tensions have resulted in a 20% drop in the number of Chinese visitors compared to pre-pandemic levels [2]. Group 2: Economic Implications - The reduction in Chinese tourist spending is expected to have a ripple effect on various sectors, including retail, hospitality, and transportation [2]. - Local businesses that heavily rely on Chinese tourists are facing significant revenue losses, with some reporting declines of up to 50% in sales [2]. - The Japanese government is considering measures to attract more tourists from other countries to mitigate the impact of the decline in Chinese visitors [2].

Core Viewpoint - The Japanese stock market is experiencing significant gains, driven by expectations surrounding Prime Minister Fumio Kishida's potential dissolution of the House of Representatives and increased government policy execution capability, particularly in defense and semiconductor sectors [2][4]. Group 1: Market Performance - On January 13, the Nikkei average rose by 1,609 points (3.10%) to close at 53,549, marking a historical high alongside the TOPIX index [2]. - The market saw widespread buying, with the Nikkei's increase at one point exceeding 1,800 points, particularly benefiting defense-related stocks [4]. - Companies like Kawasaki Heavy Industries and IHI saw significant stock price increases, with Kawasaki rising approximately 10% and IHI up 6.33%, both reaching their highest prices since their listings [4]. Group 2: Sector Performance - Semiconductor stocks joined the upward trend, with companies like Lasertec hitting new highs, and Advantest and Tokyo Electron contributing approximately 870 points to the Nikkei average [5]. - The banking sector also benefited from rising interest income expectations, with Mizuho Financial Group increasing by 6.13% and Mitsubishi UFJ Financial Group rising over 5% [5]. Group 3: Political Context and Investor Sentiment - Kishida's government enjoys a support rate exceeding 70%, which is expected to bolster the government's policy execution and provide support for the stock market [5][6]. - The anticipation of a general election under a high support rate is seen as a factor that could solidify the government's power and enhance policy implementation [6]. - However, there are concerns about the rapid increase in the Nikkei average, which has risen by approximately 3,000 points since late 2025, prompting investors to closely monitor corporate earnings changes [6].

Core Viewpoint - The Japanese yen has depreciated significantly, reaching a new low of 158.20 yen per dollar, influenced by political developments and market dynamics, leading to increased speculation in currency depreciation trades [2][4]. Group 1: Currency Market Dynamics - On January 12, the yen's exchange rate fell to 158.20 yen per dollar, marking the lowest level since January 2025, driven by speculation surrounding the potential dissolution of the Japanese House of Representatives [2]. - The "debasement trade" has gained traction among overseas speculators, with the dissolution of the Japanese parliament seen as a catalyst for further yen depreciation [4]. - If the yen breaks through the 158 yen level, the next significant resistance level is projected at 160 yen [4]. Group 2: Market Sentiment and Positioning - The Chicago Mercantile Exchange's report indicated that non-commercial positions in yen were overbought by 8,815 contracts, reflecting a balanced buying and selling sentiment despite a decrease in total positions compared to December 2025 [5]. - Concerns over the independence of the Federal Reserve have emerged, contributing to a bearish outlook on the dollar and influencing trading strategies [5]. Group 3: Resource Currency Trends - There is a growing interest in currencies of resource-producing countries, such as the Australian dollar and South African rand, with the rand reaching 9.60 yen and the Australian dollar hitting 106 yen, both marking significant highs [5]. - The potential for the Reserve Bank of Australia to raise interest rates as early as February is increasing, driven by strong economic indicators [6]. - Despite the risks associated with resource currencies, there is a trend of buying these currencies even in risk-averse scenarios, as both the yen and dollar exhibit weaknesses [6].

迎接抵 达日韩首脑会谈会场的韩国总统李在明的日本首相高市早苗（1月13日、奈良市） 高市表示："在推动日韩关系向前发展的同时，重新认识到两国应携手在地区稳定中发挥作用"。李在明回应称："妥善管理负面问题，将其控制在最低限 度，这点很重要"。这是两国领导人自2025年10月以来第2次会谈…… 日本首相高市早苗1月13日在奈良市内与韩国总统李在明举行了会谈。高市表示："在推动日韩关系向前发展的同时，重新认识到两国应携手在地区稳定中 李在明回应称："妥善管理负面问题，将其控制在最低限度，这点很重要"，同时表示："如果能紧密携手前行，就能创造光明的未来"。 双方将就经济和安全方面的合作进行讨论，预计将确认旨在面向未来的稳定发展日韩关系的方针。作为两国首脑相互访问的"穿梭外交"的一环，高市此前 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 视频号推荐内容： 发挥作用"。高市同时强调称："希望今年成为使日韩关系提升到更高水平的一年"。 邀请李在明前往自己的家乡奈良。 这是两国领导人自2025年10月以来第2次会谈。上次会谈是在韩国庆州举行 ...

Core Viewpoint - The G7 and resource-rich countries have reached a consensus to rapidly reduce dependence on China for critical minerals, emphasizing the need for collaboration among like-minded nations to enhance supply chains [2][4]. Group 1: Meeting Outcomes - The meeting included finance ministers from G7 countries and other nations such as Australia, India, South Korea, and Mexico, representing 60% of global demand for critical minerals [4]. - Japan's Finance Minister, Shunichi Suzuki, stated that there is an agreement among countries to swiftly lower reliance on China for important minerals [4]. - A roadmap to eliminate dependence on Chinese products by 2025 has been established, focusing on creating stable supply chains and setting procurement standards that protect labor rights [4]. Group 2: Proposed Measures - Discussions are ongoing regarding the establishment of "minimum prices" for critical minerals produced by G7 countries to protect markets from low-priced Chinese products [4]. - The U.S. Department of Defense has signed an agreement with MP Materials to cover the price difference if the market price of certain rare earths falls below the established minimum price [4]. - Participating countries will also explore joint efforts in developing mines that require significant funding and time, as well as identifying stable procurement partners [4].

Group 1 - The Nikkei average stock index surged by 1800 points after opening on January 13, indicating strong market performance [2][4] - Reports suggest that Japanese Prime Minister Sanae Takaichi is considering the impact of dissolving the House of Representatives at the beginning of the regular Diet session on January 23, which has led to increased expectations for proactive fiscal policies [4] - The index exceeded the previous historical high of 52,518 points set on January 6, and is currently operating within the 53,000 point range [2]

Group 1 - Taiwan's exports are projected to grow by 35% in 2025, reaching $640.7 billion, with exports to the US accounting for 31% and to mainland China for 27% [1][3] - Exports to the US are expected to increase by 78% year-on-year, reaching $198.2 billion, surpassing exports to mainland China, which are projected at $170.4 billion [1][3] - The trade surplus with the US is expected to swell to $150.1 billion, 2.3 times the previous year's figure, amid pressures from the Trump administration to correct trade imbalances [3] Group 2 - Taiwan's high-tech exports, particularly in AI infrastructure, are significantly impacting its export structure, with Taiwanese companies holding a 90% market share in AI server production and 70% in semiconductor foundry services [6] - Major Taiwanese manufacturers like Hon Hai Precision and Quanta Computer are shifting their focus to AI data center servers, moving production bases to Taiwan and Southeast Asia due to US IT giants' emphasis on information security [6][7] - The supply chain dynamics are changing, with the share of products sourced from mainland China and Hong Kong dropping from 50% in 2016 to 33% in 2024, while Taiwan's production is expected to exceed 50% [8] Group 3 - The strong export growth to the US is supporting rapid economic growth in Taiwan, with a projected GDP growth of 7.37% in 2025, the highest since the 2010 recovery from the global financial crisis [10] - The impact of US tariffs on Taiwan's exports is currently limited, as many semiconductor and server-related products are exempt from additional tariffs, contrasting with the declining exports from Japan and other major countries [10] - Concerns are raised about the potential for increased trade surplus to attract scrutiny from the Trump administration, with future export trends dependent on the sustainability of the AI boom [10][12]

Core Viewpoint - The article discusses the success of the independent game "Exit No. 8," highlighting its rapid global popularity and the anticipated success of its VR version and upcoming live-action film [3][5]. Group 1: Game Success - "Exit No. 8," developed almost entirely by KOTAKE CREATE, was released as an independent game in November 2023 and quickly gained worldwide popularity [5]. - The game achieved cumulative sales exceeding 2 million units by the summer of 2025, largely driven by live streaming [5]. Group 2: Film and VR Adaptation - The live-action film adaptation of "Exit No. 8" grossed over 5 billion yen (approximately 220 million RMB) at the Japanese box office, marking a significant success [5]. - The article also introduces the VR version of the game, discussing the potential experiences it may offer and insights from Shoutaro Chida, COO of MyDearest, regarding the VR market outlook [3].

Core Viewpoint - The potential development of Venezuela's oil reserves by the United States could significantly diminish OPEC's price control capabilities, leading to a shift in the global oil market dynamics [2][5]. Group 1: Oil Market Dynamics - Venezuela, a member of OPEC, has the largest oil reserves in the world, and the U.S. is the largest oil producer. If the U.S. develops Venezuela's oil, OPEC's influence may further decline [2]. - As of January 12, WTI crude oil futures were around $59 per barrel, only about 3% higher than before the U.S. attack on Venezuela, and significantly lower than the peak prices during the Ukraine crisis in 2022 [4]. - Morgan Stanley predicts that Venezuela's oil production could increase from over 800,000 barrels per day to 1.3-1.4 million barrels per day within two years, and potentially reach 2.5 million barrels per day in ten years [4]. Group 2: OPEC's Challenges - The shale revolution in the late 2000s revitalized the U.S. as an oil producer, overshadowing OPEC's influence. In 2016, OPEC formed the "OPEC+" framework with Russia to regain some price control [7]. - Post-COVID-19, non-OPEC countries like the U.S. and Guyana have steadily increased production, leading to a decline in OPEC+'s market share. Some OPEC+ countries plan to gradually lift production cuts starting April 2025 due to oversupply [8]. Group 3: Geopolitical Implications - Trump's administration aims to lower gasoline prices ahead of the 2026 midterm elections, which could be supported by increased Venezuelan production, keeping oil prices low and enhancing U.S. energy security [8]. - The short-term impact of U.S. actions may benefit Gulf Arab oil producers, as over half of Venezuela's oil exports go to China, potentially strengthening the negotiating power of Gulf countries seeking alternative supply sources [8].

Core Viewpoint - The article discusses the impact of U.S. sanctions on Iran's trade, particularly focusing on China's dominant position in Iran's import and export activities from 2018 to 2023, amidst ongoing protests and government crackdowns in Iran [1][3]. Group 1: Trade Statistics - From 2018 to 2023, China has consistently ranked first in Iran's import and export trade [3]. - In terms of exports from Iran, Turkey, India, and the United Arab Emirates (UAE) follow China in ranking [3]. - For imports, the UAE ranks second, followed by Turkey and India [3]. Group 2: U.S. Sanctions - U.S. President Trump announced a 25% tariff on countries trading with Iran, effective immediately, as a response to the Iranian government's crackdown on protesters [1].