Core Viewpoint - The article discusses the launch of Dayvigo, a drug developed by Eisai, in China for the treatment of insomnia, targeting the neuropeptide orexin associated with wakefulness [2][4]. Group 1: Product Launch and Approval - Dayvigo was officially launched in China on August 18, following its approval by the National Medical Products Administration (NMPA) in May [4]. - The drug is aimed at adult patients suffering from insomnia, a condition affecting approximately 15% of the adult population in China, translating to around 172.5 million individuals [4]. Group 2: Market Potential and Sales Forecast - Eisai anticipates that the sales of Dayvigo will increase by 8% year-on-year, reaching 58 billion yen in the fiscal year ending March 2026 [4]. - Dayvigo is positioned alongside other key products from Eisai, including the cancer drug Lenvima and the Alzheimer's treatment Leqembi [4].

Core Viewpoint - The Chinese stock market is showing signs of recovery, with the Shanghai Composite Index reaching its highest level since August 2015, driven by the rise of new enterprises like DeepSeek and a focus on technology and electric vehicle (EV) stocks [2][4][6]. Group 1: Market Performance - The Shanghai Composite Index closed at 3728.0273 points on August 18, marking the highest level since mid-August 2015, with a nearly 20% increase from its recent low in early April [4]. - The index had previously experienced a significant decline, dropping below 2500 points in late 2018 to early 2019 due to factors such as the devaluation of the yuan and escalating trade tensions with the U.S. [4][6]. Group 2: Leading Companies - As of August 15, the largest companies by market capitalization include Tencent Holdings, which has a market cap of $694.1 billion, representing a 4.3 times increase over the past decade [6][7]. - Other notable companies include Industrial and Commercial Bank of China ($349.5 billion, 53% increase), Agricultural Bank of China ($325.7 billion, 2.2 times increase), and Alibaba Group ($288 billion, 73% increase) [7]. Group 3: Emerging Industries - The rise of electric vehicle-related stocks is significant, with CATL (Contemporary Amperex Technology Co., Limited) achieving a market cap of $180.3 billion after its secondary listing in Hong Kong [7]. - BYD, another major player in the EV sector, has seen its market cap increase nearly sevenfold over the past decade [7]. Group 4: Government Support and Strategy - Government subsidies have played a crucial role in the growth of emerging industries, with CATL receiving over 16.9 billion yuan in subsidies from 2015 to mid-2024 [9]. - The Chinese government is strategically allocating funds to boost specific industries, which can enhance competitiveness but may also distort stock market valuations [9].

Group 1 - The Nikkei average index reached a new high of 43,714 points on August 18, up 336 points (0.77%) from the previous weekend, marking two consecutive days of record highs [2] - The market's price-to-book ratio (PBR) is approaching a high of 1.6 times for 2024, indicating a sustained bullish sentiment [2] - Investors are shifting towards relatively undervalued stocks due to the lack of clear buying opportunities [2] Group 2 - Despite expectations of market pressure after the previous week's highs, the market showed unexpected strength, with the Nikkei index briefly reaching 43,835 points [4] - The stocks driving the recent increase differ from previous trends, with retail stocks like J. FRONT RETAILING and Mitsukoshi Isetan, as well as automotive stocks like Suzuki, receiving strong buying support [4] - Bank stocks, which had previously surged due to expectations of interest rate hikes by the Bank of Japan, have seen significant pullbacks [4] Group 3 - The U.S. economy has not shown significant slowdown, and U.S. stock indices continue to reach new highs, which may influence Japanese market sentiment [5] - The average PBR of Nikkei index constituents is currently at 1.58 times, exceeding the peaks of 1.57 times observed in March and July 2024 [5] - There is a growing belief in the market that a PBR exceeding 1.6 times can be justified, indicating a shift in investor sentiment [5] Group 4 - Following the conclusion of Japan-U.S. tariff negotiations in late July, the upward trend in the Japanese stock market has strengthened [7] - Investors who previously lacked sufficient positions are now seeking relatively undervalued stocks, particularly during the traditionally low trading period of the Obon festival [7]

Core Viewpoint - The article discusses the rising trend of marriages between Japanese women and Korean men, highlighting cultural shifts and societal acceptance of cross-national relationships [2] Group 1 - The article notes a significant increase in the number of marriages between Japanese women and Korean men, indicating a growing acceptance of international unions [2] - It emphasizes the cultural factors that contribute to this trend, including changing gender roles and the appeal of Korean pop culture among Japanese women [2] - The piece also mentions statistical data showing a year-on-year increase in such marriages, reflecting broader societal changes in Japan [2]

Core Viewpoint - Applied Materials, the largest semiconductor manufacturing equipment company in the U.S., is experiencing a sales decline for the first time in seven quarters, primarily due to stagnation in its largest market, China, and the impact of U.S. government restrictions on exports [1][3]. Group 1: Sales Performance - Applied Materials expects sales for the period of August to October 2025 to be $6.7 billion, a 5% decrease year-over-year, which is below market expectations [3]. - The company's sales to China accounted for 30% of total sales from November 2024 to July 2025, down significantly from 40% in the same period last year [3]. Group 2: Market Dynamics - The semiconductor manufacturing equipment market is projected to reach $117.1 billion in 2024, with China accounting for $49.5 billion, representing 42% of the market [6]. - The decline in sales in China is attributed to U.S. government export controls aimed at curbing China's advanced semiconductor development [6]. Group 3: Competitive Landscape - Other U.S. competitors, such as Lam Research and KLA, are also facing declining sales in China, with Lam Research's sales proportion to China dropping by 8 percentage points to 34% and KLA's by 10 percentage points [7]. - Chinese local competitors, such as NAURA and AMEC, are expanding their market share in less technologically challenging semiconductor equipment, supported by government subsidies to reduce reliance on U.S. technology [7]. Group 4: Regulatory Environment - The backlog of export license applications is acknowledged by the CEO of Applied Materials, who expressed pessimism about the likelihood of any licenses being issued for the upcoming period [6]. - The U.S. Congress has proposed further tightening of export controls to prevent China from developing advanced AI technologies, which could inadvertently accelerate the technological accumulation of Chinese companies [7].

Core Viewpoint - The article presents the experiences of Japanese writer Kazuhiro Itsuki, highlighting the struggles faced by Japanese civilians returning from overseas after World War II, emphasizing the harsh realities and moral dilemmas encountered during this period [2][8][11]. Group 1: Personal Experiences and Historical Context - Kazuhiro Itsuki recounts the traumatic experiences of over 3 million Japanese civilians who faced violence, starvation, and disease while returning to Japan after the war [2]. - The narrative includes the personal loss of Itsuki's mother due to illness during the return journey, illustrating the dire conditions faced by many [5]. - The article discusses the psychological impact of these experiences, with Itsuki expressing feelings of guilt and the burden of being part of a group that was not solely a victim [9][11]. Group 2: Cultural Reflections and Influences - Itsuki reflects on the profound impact of his experiences on his literary career, leading him to explore Russian literature and culture, despite his father's reservations due to historical animosities [10]. - The article notes the significant cultural contributions of returnees from overseas, including notable figures in literature and arts, indicating a unique cultural exchange that occurred post-war [10]. - Itsuki's sensitivity to discrimination, stemming from his experiences as both a victim and a perpetrator, shapes his understanding of societal dynamics and marginalized groups [11].

Core Viewpoint - The article discusses the historical fluctuations of the US dollar system, highlighting significant events such as the "Nixon Shock" in 1971 and the "Plaza Accord" in 1985, and suggests that a new "dollar shock" may be approaching due to increased policy volatility during the Trump era [5][6]. Group 1 - Since the mid-20th century, the US dollar has maintained its status as the world's dominant currency, but history shows that no hegemonic position is eternal [6]. - The "Nixon Shock" in August 1971, when President Nixon announced the suspension of the dollar's fixed exchange rate with gold, marked the end of the Bretton Woods system and initiated a shift towards floating exchange rates globally [6]. - The "Nixon Shock" set the stage for subsequent economic challenges, including stagflation and financial turmoil over the following decade [6].

Core Viewpoint - The article highlights a significant downturn in China's economy, marked by a decline in consumer and housing loans, as well as a reduction in retail sales, indicating a shift in borrowing behavior and consumer confidence [2][4][6]. Group 1: Economic Indicators - In July, the total amount of new loans from banks was lower than the repayment amounts for the first time since July 2005, indicating a reversal in borrowing trends [2][6]. - The retail sales of consumer goods decreased for two consecutive months, with a 0.14% decline in July compared to the previous month, marking the first such decline since late 2022 [4][6]. - The year-on-year growth of retail sales in July was 3.7%, which is a slowdown compared to previous months [4]. Group 2: Consumer Behavior - There is a notable decline in consumer loans and housing loans, reflecting a cautious approach from households amid economic uncertainty [2][6]. - The restaurant sector, which accounts for 10% of retail sales, only saw a 1.1% growth in July, down from over 5% earlier in the year, indicating a shift towards frugality among consumers [4][6]. Group 3: Government Response - The government announced measures to stimulate household borrowing and consumption, including interest subsidies for loans on purchases below 50,000 yuan starting in September [6][7]. - Major state-owned banks, such as Bank of China and Industrial and Commercial Bank of China, have expressed support for these new policies [6]. Group 4: Employment and Economic Outlook - The unemployment insurance fund expenditures increased by 27% in the first half of the year, reflecting worsening employment conditions, particularly among young people [7]. - Concerns about job security are leading households to tighten their budgets, which may hinder the effectiveness of government stimulus measures [7].

Core Viewpoint - The Japanese Financial Services Agency (JFSA) is set to approve the issuance of a yen-pegged stablecoin named "JPYC" by the fintech company JPYC, aiming for a market size of 1 trillion yen within three years [2][6]. Group 1: Stablecoin Overview - The stablecoin JPYC will be pegged 1:1 to the Japanese yen, with JPYC holding liquid assets such as deposits and government bonds to ensure its value [4]. - The global stablecoin market has expanded to over $250 billion (approximately 37 trillion yen), primarily dominated by dollar-pegged stablecoins [2][6]. Group 2: Market Context and Regulations - The revised Japanese "Funds Settlement Act" defines stablecoins as "currency-denominated assets," distinguishing them from cryptocurrencies and allowing issuance by banks, trust companies, and money transfer businesses [4]. - The U.S. has recently passed the GENIUS Act to enhance the credibility of stablecoins, while Hong Kong has implemented regulations for issuing renminbi-pegged stablecoins [6]. Group 3: Use Cases and Institutional Interest - JPYC can be used for international remittances, corporate payments, and decentralized finance (DeFi) asset management services [6]. - Several institutions, including hedge funds and family offices, are interested in using JPYC for arbitrage trading to capture interest rate differentials [6]. Group 4: Competitive Landscape - The current stablecoin market is largely dominated by Tether's USDT and Circle's USDC, with predictions that the market could reach $3.7 trillion (approximately 540 trillion yen) by 2030 [6]. - Other Japanese companies are also considering issuing stablecoins, indicating a growing interest in this financial instrument within Japan [7].

Core Viewpoint - The article discusses the potential need for stricter regulations on foreign property purchases in Japan, highlighting the impact on the local real estate market and the economy [2]. Group 1: Foreign Investment in Japanese Real Estate - There is a growing concern among local residents regarding the influx of foreign buyers in the Japanese real estate market, which is perceived to drive up property prices [2]. - The article presents statistics indicating that foreign ownership of residential properties in Japan has increased by 15% over the past year, raising questions about housing affordability for locals [2]. Group 2: Economic Implications - The potential restrictions on foreign property purchases could lead to a stabilization of the housing market, benefiting local buyers and renters [2]. - The article suggests that while foreign investment can stimulate economic growth, excessive foreign ownership may lead to negative consequences for the domestic economy [2].