永守重信1973年在28岁时创立了日本电产（现在的尼得科）。员工包括会长小部博志在内共有3人，当 时京都市内的工厂借用了民宅的一楼，十分简朴。在人才和业绩不足的情况下，以三大精神作为依靠。 永守重信在自己的著作中回忆说，反对创业的母亲鼓励他"要比别人多干一倍"，这也是企业理念的原 点。 尼得科通过并购（M&A）扩大了业务。从1984年收购美国托林公司的风扇部门开始，将70多家企业纳 入旗下。1998年，携手东芝等成立芝浦电产（现为Nidec Techno Motor），进入空调马达业务等家电领 域。 日本尼得科（NIDEC）创始人永守重信辞去了代表董事一职。创业50年来一跃成为全球最大的马达制 造商，营业收入在过去20年里增至5倍的2万亿日元以上。其独特的经营方法被称为"永守主义"，拉动了 企业增长，但也导致了管理体制的不完善…… 日本尼得科（NIDEC）创始人永守重信辞去了代表董事一职。创业50年来一跃成为全球最大的马达制 造商，营业收入在过去20年里增至5倍的2万亿日元以上。其独特的经营方法被称为"永守主义"，拉动了 企业增长。另一方面，也有观点认为，过度追求增长给企业带来了压力，导致了管理体制的不完善， ...

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Core Viewpoint - The article discusses the contrasting monetary policies of major central banks, particularly focusing on the Bank of Japan's (BOJ) interest rate hikes and the potential for the European Central Bank (ECB) to shift towards tightening, which could impact the Japanese yen's value against the dollar and euro [2][4][6]. Group 1: Monetary Policy Changes - The Bank of Japan has initiated interest rate hikes, while the Federal Reserve is expected to lower rates, creating a complex market dynamic where long-term interest rates in Japan rise, but the yen depreciates due to expectations of slower BOJ rate increases [2]. - The ECB has maintained its policy rate but signals a potential shift towards tightening, which could fundamentally alter the conditions supporting the yen's exchange rate [6]. - Market participants are increasingly betting on a policy shift from the ECB, with euro long positions reaching a two-year high, indicating a potential capital shift from dollars to euros [6]. Group 2: Economic Implications - The Federal Reserve's cautious approach to future rate cuts suggests that the pace of easing will slow, with only one more cut expected in 2026, indicating a more stable economic outlook [8]. - The difference in policy flexibility between the BOJ and Western central banks is highlighted, with the BOJ being more cautious and slower to react to economic changes, which could lead to a significant lag in its rate hikes compared to the West [8]. - The Japanese government is becoming increasingly vigilant about yen depreciation, with recent verbal interventions aimed at curbing the yen's decline, reflecting a shift in sentiment compared to previous optimism [9].

用于存储半导体加工的迪思科的新设备 新设备可以一次大量处理AI用存储半导体。计划于2026年下半年开始销售…… 日本半导体切削与研磨设备大企业迪思科（DISCO）开发出了可将生产效率提高5成的半导体 切割设备（Laser Saw/激光划片机）。随着人工智能（AI）性能的提高，半导体的结构变得 复杂，加工难度加大。在这种情况下，该设备可以一次大量处理AI用存储半导体。计划于 2026年下半年开始销售。 半导体的制造工序是在硅晶圆上形成电路，然后切割成单个芯片后进行布线和封装。迪思科 的切割设备的全球市场份额被认为达到8成左右，随着AI半导体需求的扩大，销量也持续增 用于AI数据处理的"高带宽存储器（HBM）"是将芯片堆叠起来，形成微细的构造物。由于需 要高精度的切割加工，搭载了高功率激光。 适用于切割逻辑半导体所用材料的新设备将于2027年4月发售。通过改变设备内的结构，提 高了晶圆加工的生产效率。 作为新领域，迪思科还将开发可将晶圆加工为各种形状的设备，2026年1月投放市场。该设 备可以在晶圆上钻圆孔，或高精度地加工为自由形状。首先将用于量子计算机相关等研发， 以开拓市场。 版权声明：日本经济新闻社版权所有 ...

Core Viewpoint - Fast Retailing, the operator of Uniqlo, will raise the starting salary for new graduates joining in March 2026 to 370,000 yen (approximately 16,600 RMB), marking the fourth increase since 2020. Despite this increase, Chairman and CEO Tadashi Yanai expressed that the salary is still low compared to global standards and indicated a willingness to continue raising wages [2][5]. Group 1: Salary Increases - The starting salary for new graduates will increase by 40,000 yen from the previous year, with an expected annual income of approximately 5.9 million yen (around 265,700 RMB) for 480 new hires in 2026 [4]. - The salary for formal employees in regions without relocation will rise from 255,000 yen to 280,000 yen (approximately 12,600 RMB) [4]. - Over the past six years, the starting salary has been raised a total of 160,000 yen, from 210,000 yen in 2020 to 370,000 yen in 2026 [4]. Group 2: Comparison with Other Industries - In comparison to other major Japanese companies, starting salaries are as follows: Mitsubishi Corporation at 340,000 yen, Itochu Corporation at 360,000 yen, and major banks like Mitsubishi UFJ at 300,000 yen [4]. - In the advertising sector, CyberAgent offers a starting salary of 420,000 yen, while software company Cybozu offers 400,000 yen [4]. Group 3: Strategic Intent and Market Position - The salary increase aims to attract talent amid concerns of a talent drain to countries with higher wage levels, particularly the U.S., where the median annual salary for full-time employees aged 20-24 is $41,000 [5]. - Fast Retailing seeks to transform into an "information manufacturing retail" company, moving away from traditional retail models, and plans to utilize AI to analyze customer demand and optimize production [5]. - The company aims to enhance its brand image and competitiveness by being a leader in wage increases within the retail sector, where the average annual salary is significantly lower than other industries [5]. Group 4: Financial Performance and Growth Projections - Fast Retailing expects a consolidated net profit of 435 billion yen for the fiscal year ending August 2026, marking a record profit for six consecutive years, with North America and Europe identified as key growth drivers [7]. - Sales revenue in North America for the fiscal year 2025 is projected to reach 271.1 billion yen, a 25% increase year-on-year, with ambitions to achieve 1 trillion yen in sales in the future [7]. - The company plans to invest heavily in flagship stores, with 1.2 trillion yen allocated for overseas store development, aiming to enhance brand recognition and compete with major players like Inditex and H&M [8].

Core Viewpoint - The article highlights the significant appreciation of precious metals and global stock markets in 2025, driven by factors such as yen depreciation and geopolitical uncertainties, suggesting a shift in investment strategies towards diversification and precious metals [2][4][10]. Group 1: Precious Metals Performance - As of December 24, gold prices increased by 70% compared to the end of 2024, marking the largest rise since 1979. Silver and platinum also saw their prices more than double [2]. - The Japanese Precious Metals Market Association noted that both silver and platinum, being smaller markets than gold, experienced substantial price increases in the second half of the year [5]. Group 2: Stock Market Trends - The MSCI All Country World Index, tracked by the popular global equity investment trust "eMAXIS Slim All World Equity," rose by 20% as of December 24 compared to the end of 2024. European stocks, represented by the Stoxx 600, increased by 31%, while the Nikkei index rose by 26% and the MSCI Emerging Markets Index by 28% [7]. - There is a growing sentiment that emerging market stocks have become attractive for diversification due to declining trust in the US and concerns over dollar depreciation [7]. Group 3: Currency and Economic Factors - The depreciation of the yen has led to an increase in the value of overseas assets when priced in yen. The current exchange rate is approximately 156 yen to 1 USD, with the euro appreciating to around 184 yen, marking a 13% increase compared to the end of 2024 [9]. - Expectations of economic stimulus from the European Central Bank and the EU's plans have contributed to the euro's strength against the yen [9]. Group 4: Future Investment Strategies - For 2026, diversification in investment strategies is emphasized, particularly in adjusting allocations away from a heavy focus on US stocks and technology sectors. Investments in precious metals like gold are also recommended as a hedge against currency depreciation and geopolitical risks [10]. - Market analysts suggest that precious metals possess intrinsic value and can serve as effective asset preservation tools, although the volatility of silver and platinum compared to gold should be noted [10].

高市早苗在政府执政党政策恳谈会上发言（12月25日，日本首相官邸） 这是高市早苗政府首次编制预算，力争在3月底之前的年度内通过。一般会计总额为 122.3092万亿日元，连续2年刷新历史最高纪录。防卫费的增加也很突出…… 日本政府在12月26日的内阁会议上敲定了2026年度预算案。一般会计总额为122.3092万亿 日元，比上年度的最初预算案多了7万亿日元。物价上涨反映到了各项经费上，导致财政支出 增加。连续2年刷新历史最高纪录。医疗和养老等社会保障相关费用创新高，达到39.0559万 亿日元。 这是高市早苗政府首次编制预算。日本政府将在1月召集的例行国会上提出，力争在3月底之 前的年度内通过。 在财政支出方面，用于国家政策的一般财政支出为70.1557万亿日元，增加2万亿日元左右。 其中社会保障费增加7600亿日元左右。在2026年度的诊疗报酬修改中，用于医疗从事者的人 工费等的主体部分上涨率为3.09%，创出30年来的最高水平。药价（政府价格）下调 0.87%。整体上提高2.22%。 防卫费的增加也很突出。防卫力整备计划的经费为8.8093万亿日元，比2025年度最初预算案 增加3345亿日元。将建立基于 ...

Core Viewpoint - The article highlights a significant decline in credit card transaction volumes from Chinese tourists in Japan, attributed to a government advisory against travel to Japan, which has negatively impacted both consumer spending and the Japanese retail sector [2][5]. Group 1: Credit Card Transaction Data - In November, credit card transaction volumes from mainland China and Hong Kong decreased by 8% year-on-year, marking a return to negative growth after two months of increases [2][5]. - Overall transaction volumes from ten countries and regions increased by 22%, with notable growth in the U.S., Taiwan, and Australia, averaging a 29% increase [4]. - The decline in transaction volumes from China is influenced by the appreciation of the yen and a reduction in high spending, with a projected decrease in transaction volumes from March to August 2025 [5]. Group 2: Impact on Japanese Retail Sector - Japanese department stores have reported a decline in duty-free sales, with J.FRONT RETAILING's Daimaru Matsuzakaya down 9.4%, Takashimaya down 9.8%, and Mitsukoshi Isetan down approximately 20% [5]. - Takashimaya noted a 23.9% drop in sales specifically from Chinese customers, indicating the immediate impact of the travel advisory [5]. - Sales at key locations such as the Kobe and Osaka Shinsaibashi stores have seen significant declines, despite growth in non-Chinese customer sales [5]. Group 3: Economic Projections - If the travel advisory from the Chinese government persists for a year, the economic loss for Japan could reach 17.9 trillion yen, according to estimates from Nomura Research Institute [6]. - Economic experts predict that consumer spending from Chinese tourists may not return to normal levels until late 2026, given the current state of bilateral relations [6].

Core Insights - The article highlights a significant surge in securities options trading in Japan, indicating a growing interest and activity in the JPX derivatives market [1] Group 1: Market Trends - Securities options trading in Japan has seen a remarkable increase, reflecting a robust demand for derivatives [1] - The rise in trading volumes suggests that investors are increasingly utilizing options as part of their investment strategies [1] Group 2: Implications for Investors - The growth in the JPX derivatives market may present new investment opportunities for market participants looking to hedge or speculate [1] - Increased trading activity could lead to enhanced liquidity in the market, benefiting both retail and institutional investors [1]

Group 1 - The article introduces the "Nikkei BP Selected" column, highlighting that Nikkei BP is a leading B2B media company in Japan, focusing on management, professional technology, and lifestyle [1][3] - Nikkei BP was established in April 1969 and is part of the Nikkei Inc. group, catering to diverse customer needs in its three main areas of focus [3] Group 2 - The book "Design Thinking Guide: Innovation Logic and Methods" provides a comprehensive interpretation of design thinking from multiple dimensions, including tools, innovation practices, and social value [5] - It emphasizes the importance of observation methods in the application of design thinking, helping designers and practitioners discover and solve problems effectively [5][6] - The book also illustrates how design thinking can be integrated into companies to enhance communication and create a common language within teams, featuring case studies from companies like SAP and Nestlé Japan [6]