Group 1 - The core viewpoint of the article is that Chinese airlines have extended the free cancellation and rescheduling period for flights to Japan until October 24, 2026, due to safety concerns raised by the Chinese Ministry of Foreign Affairs [2][4] - The extension of the free cancellation and rescheduling policy is a response to warnings about the security situation in Japan, including a rise in criminal cases against Chinese citizens and recent earthquakes [4] - As of January 26, 2026, there has been a significant reduction in flights from China to Japan, with 49 flights canceled or reduced in February, marking a 47.2% decrease in January compared to December 2025, an increase of 7.8 percentage points [4] Group 2 - The three major Chinese airlines involved are China Southern Airlines, Air China, and China Eastern Airlines, all of which have announced the extension of the policy [2] - The impact of the extended cancellation policy may affect travel during the upcoming May Day holiday and summer vacation periods [4] - Data from the Japan Department Store Association indicates a 40% year-on-year decrease in both the number of Chinese customers and sales in Japanese department stores as of December 2025 [4]

美欧之间的裂痕不仅限于领土问题和战略层面。冲突已经触及国家观和世界观的核心层面。 如果以人际关系比喻，这是价值观差异达到极点、信任受损的状态。今后，"没有西方的世界"的冲击将 扩大，有可能使国际政治进一步陷入漂流。这是一个甚至可以称为黑暗的情景。 决定这种分裂的是12月5日特朗普政府公布的国家安全战略（NSS）。对欧洲使用了敌对性的措辞，已 经到了让人难以相信还是盟友的地步。 秋田浩之： "没有西方的世界"正在到来。这样写可能显得夸张，但以美欧为核心的西方制定规则、其 他国家遵从的时代已经结束。二战后，美欧紧密合作，主导了世界秩序。这一体制的崩溃是战后历史上 的重大转折点…… 秋田浩之 ：就任满一年的美国总统特朗普毫不掩饰其获取丹麦领地格陵兰岛的野心。他还对向格陵兰 派遣军事人员的8个欧洲国家表示愤怒，甚至一度表示对这些国家加征10%的关税。 欧洲方面强烈反对。为了牵制美国，欧洲国家要在格陵兰岛举行联合军演。美欧与其说是同盟，不如说 正在转变为半敌对国家。 "没有西方的世界"正在到来。这样写可能显得夸张，但以美欧为核心的西方制定规则、其他国家遵从的 时代已经结束。2025年12月，我有机会接连访问欧洲和美国， ...

Core Viewpoint - The article discusses the significant changes in the Japanese male idol magazine market, highlighting the launch of a new magazine amidst the closure of several long-standing publications, indicating a shift in how idols are appreciated by the audience [6]. Group 1: Industry Changes - The male idol magazine market has seen the closure of three magazines that were established in the late 1980s, marking a paradigm shift in idol appreciation [6]. - The magazines that ceased publication include "WiNK UP," which was founded in 1988 and will stop in May 2025, "POTATO," founded in 1984, ceasing in July 2025, and "DUet," established in 1986, which will end in November 2025 [6]. - As of now, only "Myojo" remains in circulation among male idol magazines [6]. Group 2: New Developments - In response to the changing landscape, a new entertainment magazine titled "Zessei" is set to launch in October 2025, with Tadayoshi Okura from SUPER EIGHT as the editor-in-chief [6]. - "Zessei" will focus on photo shoots and interviews with members of STARTO ENTERTAINMENT's Jr. group, reflecting the evolving interests of the audience [6]. - The magazine is published by Merch Company, which operates the official merchandise store for STARTO [6].

Group 1 - The core viewpoint of the article indicates that the Liberal Democratic Party (LDP) maintains a support rate of 40%, unchanged from the previous survey before the last House of Representatives election under Ishiba Shigeru's administration [2] - The newly formed party "Center Reform Union" has a support rate of 13%, while the Democratic Party for the People stands at 9%, and both the Constitutional Democratic Party and the Japan Innovation Party have 7% each [2] - The support rate for the "Center Reform Union" has decreased by 6 percentage points compared to the combined support rate of the Constitutional Democratic Party and Komeito from the last survey [4] Group 2 - Among voters aged 18-39, the Democratic Party for the People has a support rate of 18%, and the Japan Innovation Party has 11%, indicating stronger support from the younger generation [6] - In the 60 and above age group, the "Center Reform Union" has a relatively high support rate of 22%, making the elderly demographic its main support base [6] - A significant 67% of respondents prefer a government centered around the LDP and the Japan Innovation Party, surpassing the 19% who favor a government centered around the "Center Reform Union" [6]

Market Overview - The Japanese stock market is currently facing downward pressure due to the appreciation of the yen and the weakening of the dollar, particularly affecting export-related stocks and index futures [2][4] - On January 26, the Nikkei average index fell significantly, closing down 961 points (1.79%) at 5,288.5 points, with nearly 90% of stocks on the Tokyo Stock Exchange Prime market declining [2] - Major automotive stocks like Toyota and Honda, as well as high-tech stocks such as SoftBank Group, experienced declines, alongside financial institutions like Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group [2] Currency Fluctuations - The yen's rapid appreciation has been notable, moving from around 159 yen per dollar to approximately 153 yen within a few days, indicating a strong yen and a weak dollar [4] - Speculation regarding a potential "rate check" by the New York Federal Reserve, as directed by the U.S. Treasury, has contributed to market volatility, with concerns about coordinated intervention among multiple countries [5] Economic Impact - The potential for coordinated intervention, if confirmed, could significantly impact the effectiveness of currency measures, with estimates suggesting that such actions could double the impact compared to unilateral interventions [5] - Concerns about the impact of a stronger yen on export companies' performance are growing, with expectations that the Japanese stock market may continue to decline in the short term if the yen appreciates further [5] Political Climate - The support rate for Prime Minister Kishida's cabinet has dropped to 67%, down 8 percentage points from the previous survey, raising concerns about the political landscape ahead of upcoming elections [6] - Market participants are advised to remain cautious regarding stock price movements around the election period, as the previous trend of "elections as buying opportunities" is showing signs of weakening [6] Earnings Expectations - Major companies such as Microsoft, Apple, and ASML are set to release earnings reports soon, which may elevate market expectations, particularly for high-tech stocks [6] - However, ongoing concerns regarding currency fluctuations and political developments are expected to persist in the Tokyo market, potentially overshadowing positive earnings news [6]

Group 1 - The core point of the article highlights the victory of 17-year-old Zhang Benmei, who won her first championship in the women's singles at the All Japan Table Tennis Championships by defeating Hayata Hina with a score of 4:3, while also securing the youth group championship, achieving a double crown [2][5] - Zhang Benmei faced Hayata Hina in the finals for the third consecutive year, successfully avenging her previous losses [5][3] - Zhang Benmei expressed that her priority was to win in Japan before aiming for the world championship, emphasizing the importance of the experience gained from competing in 12 matches, the most among female players in the tournament [5][2] Group 2 - In the men's singles, 18-year-old Matsushima Hikaru achieved a consecutive championship, defeating the two-time champion Zhang Benji in the semifinals with a score of 4:3 and winning the final against Shinozuka Daito with a score of 4:0 [7]

市场上有观点认为，日美相关部门已开始联手采取行动来遏制日元过度贬值，因此日元买盘 动向扩大…… 在1月26日的东京外汇市场上，日元对美元汇率一度升至1美元兑153日元区间。这是2025年 11月中旬以后约两个半月以来首次触及153日元区间。有消息称，美国金融部门在上周末实 施了作为外汇干预前一阶段的"汇率检查（rate check）"。市场上有观点认为，日美相关部 门已开始联手采取行动来遏制日元过度贬值，因此日元买盘动向扩大。 上周末（1月23日），日元汇率一度飙升至接近1美元兑155.6日元的水平。日本时间傍晚， 约10分钟内大约上涨2日元。后来日元遭到抛售，但在美国东部时间中午前后，日元再次升值 （美元贬值）2日元左右。 伦敦的金融中介机构在接受《日本经济新闻》的采访时透露，美国联邦储备委员会（FRB） 在美国财政部的指示下实施了汇率检查。海外媒体方面，路透社等也援引相关人士的话报道 称，美国实施了汇率检查。 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： 日本首相高市早苗1月25日在参加一档电视节目时发表 ...

日元自2025年12月17日以来再次升值至154日元区间。市场上有观点认为，由于警惕抛售日元和日本国 债的连锁反应导致美国国债收益率上升等事态，日美已经展开合作…… 美国已开始牵制日元贬值。美国金融部门在纽约外汇市场实施相当于外汇干预准备阶段的汇率检 查，日元兑美元汇率1月25日在欧美外汇市场升至155日元区间，在26日凌晨的东京外汇市场上升到1美 元兑154日元区间。这是自2025年12月17日以来再次升值至154日元区间。市场上有观点认为，由于警惕 抛售日元和日本国债的连锁反应导致美国国债收益率上升等事态，日美已经展开合作。 纽约联邦储备银行正在进行汇率检查——美国东部时间23日上午11点30分（北京时间24日凌晨0点30 分）左右，这一消息在纽约和伦敦的交易员之间流传。 伦敦的金融中介在接受《日本经济新闻》（中文版：日经中文网）采访时透露，美联储在美国财务部的 指示下进行了汇率检查。路透社等海外媒体也援引相关人士的话语，报道了实施汇率检查一事。美国财 政部对此未予回应。 这样的信息在欧美市场流传，此前为158日元左右的日元汇率迅速走强。美东时间23日下午4点多（北京 时间24日凌晨5点多）升值至当天的最 ...

Core Insights - The article discusses the emergence of Chinese AI companies, particularly DeepSeek, which is expected to disrupt the market starting January 2025, showcasing a shift towards self-reliance in AI development rather than following the U.S. model [2][8] - The performance of Chinese AI models, such as Qwen from Alibaba, has significantly improved, with Alibaba's stock rising approximately 90% over the past year [2][7] - The article questions the effectiveness of U.S. high-tech export controls, suggesting that while they may still pose some threat, Chinese companies are developing capabilities that could mitigate these restrictions [8][9] Summary by Sections DeepSeek's Market Impact - DeepSeek is anticipated to make a significant impact in the AI market starting January 2025, with its performance in large language models (LLMs) being highly rated [2][5] - On January 27, 2025, DeepSeek surpassed OpenAI's ChatGPT in the Apple app download rankings, indicating its growing popularity [2] Performance of Chinese AI Models - DeepSeek ranked 10th in the global LLM rankings, praised for its mathematical reasoning capabilities and cost-effectiveness [6] - The total number of LLMs released in China has reached 1,509, making it the leading country in this regard [7] - Alibaba's Qwen series has achieved over 700 million downloads, becoming the most downloaded open-source AI on the Hugging Face platform [7] Financial Performance and Projections - Alibaba's market capitalization increased by approximately HKD 1.5 trillion, with a projected revenue growth of over 35% for its cloud services in 2026, potentially accelerating to 40% in 2027 [7][8] - The stock price of Zhiyuan, a Chinese AI company, rose by 22% following the announcement of a domestically developed multimodal AI model [8] Competitive Landscape - The article highlights the different approaches of Chinese and U.S. AI companies, with China focusing on efficiency and lightweight solutions rather than solely on cutting-edge GPUs and massive investments [8] - The Chinese government is actively promoting the widespread application of AI across various sectors, indicating a strategic push towards integrating AI into the economy [8]

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。 编者荐语： 以下文章来源于FT中文网 ，作者裘菊 2025年，中美贸易关系在高关税和频繁博弈中剧烈震荡，中国制造业由此经历了一场史无前 例的"压力测试"。与此前的周期性下行不同，本轮冲击并非主要源于内生需求不足，而是高 度集中体现为外部冲击及其带来的不确定的放大效应。 本文通过梳理制造业PMI、PPI等核心宏观指标在2025年的动态变化，并将其与中美关税博 弈的关键时间节点相对照，力图还原中国制造在冲击下的真实运行轨迹，评估其对产业链不 同环节的结构性影响，并在此基础上对2026年制造业修复前景做出初步判断。 阅读更多内容请点击下方"阅读原文" （本文由FT中文网提供） 2025年贸易博弈通过反复拉锯所强化的不确定性，放大了企业决策和经营行为的顺 周期特征，进而加剧了价格下行压力与利润空间压缩。 文丨裘菊 FT中文网 . 英国《金融时报》集团旗下唯一的中文商业财经网站 ...