日本经济新闻在"100名日本企业家问卷调查"中询问了中日关系紧张带来的影响。商船三井的社长指 出，因中日关系恶化，如果在中国建造船舶变得困难，就会面临新造船采购成本上升的风险。三井不动 产的社长表示…… 日本经济新闻于2025年12月实施了"100名日本企业家问卷调查"，询问了中日关系紧张带来的影响。下 面根据这些社长的回答介绍一下主要观点。 三井不动产社长 植田俊 三井不动产社长 植田俊 中国在各类产业中都拥有存在感，因外交政策动向发生变化，国际秩序的不确 定性加剧，由此可能对日本经济产生广泛影响。另一方面，这也是降低对中国依赖度的契机。希望通过 加强国际合作以及与各国展开对话，使国家之间的关系能够维持稳定并获得发展。 商船三井社长 桥本刚 因中日关系恶化，如果在中国建造船舶变得困难，就会面临新造船采购成本上升 的风险。这对日本经济而言，由于物流成本和采购成本上升，存在通货膨胀加剧的风险。 盐野义制药社长 手代木功 盐野义制药社长 手代木功 在目前高度依赖中国原料药的情况下，如果中日关系紧张或台海发生紧急情 况，包括抗菌药在内的各类药品供应会中断，日本的医疗一线将面临严重危机。药品是国家安全保障的 关键，要 ...

Core Viewpoint - A survey of approximately 3,600 companies with a market capitalization exceeding $5 billion indicates a significant increase in the number of companies whose stock prices are expected to double by the end of 2025, driven by sectors such as technology, defense, and resources [2][4]. Group 1: Stock Performance - As of December 24, 2023, there are 389 companies whose stock prices are projected to double compared to the end of 2024, marking a substantial increase [4]. - The number of major stocks expected to double by 2025 is around 390, reflecting a tripling from 2024 [2]. - The technology sector accounts for 20% of these doubling stocks, with a notable shift from the dominance of the "Magnificent 7" to AI infrastructure and related component companies [4]. Group 2: Notable Stocks and Sectors - Specific stocks that have shown remarkable growth include: - Kioxia Holdings (Japan) with a 6.5x increase - Zhongji Xuchuang (China) with a 5.3x increase - Bloom Energy (USA) with a 4.1x increase - SK Hynix (South Korea) and Micron (USA) both with a 3.4x increase [5]. - Defense stocks have also seen significant increases, with Rheinmetall (Germany) rising 2.8x and Rolls-Royce (UK) and Leonardo (Italy) both increasing by 2.2x [5]. Group 3: Market Trends and Analysis - The rise in defense stocks is attributed to increased defense spending across European countries, with Japan also focusing on strengthening its defense capabilities under the new administration [8]. - The overall global stock index (MSCI ACWI) has only seen a 20% increase, yet the number of doubling stocks has tripled, indicating a concentration of funds in specific high-growth areas like AI [8]. - The investment landscape is influenced by geopolitical risks and economic uncertainties, leading to a preference for stocks with strong growth expectations, particularly in AI and related sectors [8].

Group 1 - The total value of approved but undelivered U.S. weapons to Taiwan as of October 2025 is $21.5 billion, which is nearly 70% of Taiwan's defense budget for 2026 [2][4] - The delivery of 66 F-16V fighter jets, initially planned for before 2026, has been delayed to 2027-2028, as stated by former U.S. official Rush Doshi [4] - The sale of air-to-ground missiles, which was determined in 2017, has also been postponed to after 2027 [2][5] Group 2 - The U.S. defense industry's supply capacity is unable to meet global weapon demands, leading to significant delays in military sales to Taiwan [2] - Over $20 billion worth of weapons remain undelivered to Taiwan due to production issues within U.S. companies [2]

Group 1 - The core viewpoint of the article is that Japanese entrepreneurs are responding calmly to China's strong opposition regarding Taiwan, with 67.3% of respondents indicating that the deterioration of Sino-Japanese relations has a negative impact on their business [2][8] - A recent survey of 141 major Japanese companies shows that nearly 90% support the government's discussion on relaxing work hour restrictions, indicating a clear desire for more flexible working arrangements to improve productivity [4][5] - The survey reveals that 86.3% of respondents are in favor of the government's proposal to relax work hour limits, with 92.7% believing it would help achieve flexible work styles [5] Group 2 - The Japanese Labor Standards Act currently limits weekly working hours to 40, with a monthly overtime cap of 45 hours. Concerns have been raised by unions and legal experts about the potential increase in worker burden and normalization of long working hours [6] - Among business leaders, 76.9% express concerns that relaxing work hour limits could lead to physical and mental discomfort for workers, while some suggest that advancements in AI could reduce working hours without relying on human labor [6] - The survey also indicates that 79.3% of respondents support expanding the discretionary labor system to include more job categories, reflecting a significant interest in flexible work arrangements [6] Group 3 - Entrepreneurs expressed a strong expectation for the government to enhance economic security, with 42.6% prioritizing this, followed by 30.5% supporting public funding for advanced industries like AI and semiconductors [6] - A total of 94% of respondents support the government's proposal for "responsible active fiscal policy," highlighting a consensus on the need for fiscal discipline alongside growth investments [7] - In response to the deteriorating Sino-Japanese relations, 18.9% of companies indicated they would adjust or consider adjusting employee business trips to China, with some large manufacturing firms implementing temporary bans on non-essential travel [8]

Core Viewpoint - The article discusses the appreciation of the Renminbi (RMB) against the US dollar, highlighting key factors contributing to this trend and projecting further strengthening in the coming years [6]. Group 1: Economic Factors Influencing RMB Appreciation - The RMB has shown a trend reversal since April, moving from depreciation to appreciation, with the exchange rate surpassing 7.1 and approaching the 7 mark [6]. - Four main factors are identified as driving the RMB's strength: the expansion of the current account surplus, easing trade conflicts, increasing purchasing power of the RMB, and the potential continued depreciation of the US dollar [6]. - China's current account surplus is expected to reach a historical high in 2025, providing significant support for the appreciation of the RMB [7]. Group 2: Implications for the Chinese Economy - A sustained weak US dollar and rising international commodity prices, along with a moderate appreciation of the RMB, could alleviate the impact of rising raw material prices on the Chinese economy and enhance the international purchasing power of Chinese residents [5].

Core Viewpoint - The former Japanese Prime Minister Shigeru Ishiba emphasizes that Japan, as the only country to have experienced nuclear bombing, must uphold its stance on nuclear non-proliferation and cannot entertain discussions that contradict this position, as it may undermine the credibility of the Japan-U.S. alliance [2]. Group 1 - Ishiba criticizes comments made by officials in the current government advocating for Japan to possess nuclear weapons, asserting that such statements are contrary to Japan's historical context and obligations [2]. - He highlights that discussions surrounding nuclear armament involve multiple agreements, including the Treaty on the Non-Proliferation of Nuclear Weapons (NPT) and atomic energy agreements, and that bypassing these documents to directly address nuclear possession sends misleading messages [4].

日本在2026年度预算案中列入了9.0353万亿日元防卫费，与2022年度相比增加了67%。其中防卫装备品 的采购费用扩大至2.1倍。2026年度将进一步扩充用于反击对手国家的装备品…… 日本政府12月26日敲定的2026年度预算案中，包括美军整编经费等在内列入了9.0353万亿日元防卫费。 与现行防卫力整备计划启动前的2022年度相比增加了67%。其中防卫装备品的采购费用扩大至2.1倍。 人工费增长较少，存在不能急剧增加自卫队员的问题。 日本政府将在2026年底前修改包括防卫力整备计划在内的安全保障三文件。在现行计划中，第4年的 2026年度将是最后一年。此前，提出将包括海上保安厅预算和基础设施整备费在内的防卫相关费用占国 内生产总值（GDP）的比例从1%提高到2%。 用于采购防卫装备品、技术研究、设施维护费用的"物件费"增至2.1倍。推高了整体的防卫费。 物件费中用于采购装备品和研究的费用的比例从3成扩大至4成。装备品预算从2022年度的8000亿日元增 加到2026年度的1.7万亿日元。 日本"最上"级护卫舰"熊野"号（2025年4月，日本海上自卫队横须贺基地） 2026年度除了这些原有装备品之外，还将 ...

Core Viewpoint - The article highlights the strong performance of high-end retail sales in Japan, particularly in jewelry and luxury cars, driven by the rising Nikkei index and the resulting wealth effect on consumer spending [2][5][6]. Group 1: Retail Performance - Matsuya's jewelry sales in November increased approximately 2.5 times year-on-year, with watch sales also rising by about 65% [4]. - Takashimaya reported a 4% year-on-year increase in sales from its "foreign customer" segment, marking five consecutive months of growth [5]. - The overall consumer spending in Japan is expected to increase by approximately 1.5 trillion yen due to the stock market rise, which could boost annual consumption by 0.4 percentage points [5]. Group 2: Luxury Car Sales - Ferrari's new car sales in Japan reached a record high in November, with a 5% year-on-year increase, totaling 140 vehicles [6]. - Rolls-Royce saw a 64% increase in sales, reaching 46 vehicles, also setting a new record [6]. - The demand for ultra-luxury cars, priced over 20 million yen, is strong, indicating a robust market for high-end automotive products [6]. Group 3: Consumer Behavior and Economic Outlook - Despite the increase in high-end consumption, there is a notable divide in consumer behavior, with many still exhibiting frugality due to rising prices and stagnant wage growth [6][7]. - A survey indicated that 75% of respondents planned not to travel during the year-end holidays, citing high travel costs and economic constraints [7]. - The wealth effect primarily benefits older individuals with financial assets, suggesting that the impact on the broader middle class may be limited [7].

Core Viewpoint - The rising cremation costs in Tokyo's 23 wards have become a significant issue, with Tokyo Bokuzan's fees reaching 90,000 yen, compared to the national average of free or up to 20,000 yen [2][4]. Group 1: Cremation Costs and Operations - Tokyo Bokuzan operates six out of the nine crematoriums in the Tokyo 23 wards, with the majority being privately run [4]. - The profit per cremation for Tokyo Bokuzan is approximately 10,000 yen, while the total cost per cremation, including various expenses, is around 80,000 yen [4]. - A.T. Kearney's investigation indicates that Tokyo Bokuzan has achieved lower operational costs compared to public crematoriums, suggesting that their pricing is reasonable [4]. Group 2: Factors Influencing Price Increases - The CEO of Tokyo Bokuzan, Ryoma Noguchi, stated that the primary factor for the price increase is the rising fuel costs, rather than influence from overseas capital, including Chinese investments [5]. - The company has been adjusting its fees since 2021, reflecting ongoing operational cost pressures [4][5]. Group 3: Government Collaboration and Investigations - The Tokyo Metropolitan Government has initiated an investigation into the cremation capacity and conditions of all crematoriums in the area, to ensure a stable cremation system [5]. - Tokyo Bokuzan has expressed willingness to cooperate fully with the Tokyo government in establishing guidelines for the cremation industry [5].

Core Viewpoint - The Japanese animation industry is evolving, with a shift towards higher production costs driven by overseas streaming platforms willing to invest significantly in quality content [2][4][9]. Group 1: Industry Trends - The traditional Japanese animation production model, which began with series like "Astro Boy," is criticized for fostering a low-cost, high-volume production mentality [10][12]. - There is a growing trend of overseas streaming platforms commissioning high-budget animations, with some episodes costing over 100 million yen (approximately 4.55 million RMB) [2][4]. - The global animation market is rapidly expanding, presenting opportunities for the Japanese content industry to enhance its international presence [14]. Group 2: Company Insights - Polygon Pictures is one of the few Japanese companies that can meet the high demands of streaming giants and charge premium production fees [4][6]. - The company has maintained stable sales of around 3 billion yen in recent years, reflecting its successful adaptation to the changing market [9]. - Polygon Pictures has implemented strict process management and automation to reduce average monthly overtime to below 20 hours, significantly lower than the industry average [7][9]. Group 3: Challenges and Opportunities - There is a shortage of producers and management talent with a global perspective in Japanese animation studios, which is seen as a barrier to expanding overseas [12]. - The industry faces a dichotomy where studios must either align with major networks like Ghibli, recruit skilled management, or develop internal business acumen [12][14]. - The persistence of low-cost business practices among some studios is viewed as a bottleneck for industry reform [10].