Core Viewpoint - The article discusses the challenges faced by Nippon Steel in acquiring U.S. Steel, particularly due to U.S. government intervention and labor union pressures, which complicate operational decisions and investment plans [2][4][10]. Group 1: Acquisition Challenges - The U.S. government intervened to stop U.S. Steel's plan to close the Granite City steel plant, highlighting the difficulties Japanese companies face in communicating with the U.S. government [2][4]. - Nippon Steel's acquisition of U.S. Steel involves a "golden share" agreement, which grants the U.S. government veto power over significant operational decisions, including plant closures [4][10]. - U.S. Steel had previously indicated intentions to close the Granite City plant, which has two blast furnaces that were already inactive before the acquisition [5][6]. Group 2: Investment Plans - Nippon Steel plans to invest approximately $11 billion in U.S. Steel by 2028, focusing on enhancing production capabilities and introducing advanced technologies [8]. - The company aims to increase U.S. Steel's crude steel production from 14.18 million tons in 2024 to over 20 million tons within the next decade [6]. - Investments include $3.1 billion for upgrading the largest blast furnace in Indiana and discussions for a $4 billion electric furnace plant in the U.S. [8][9]. Group 3: Labor and Political Dynamics - The U.S. government is sensitive to employment issues, as the Granite City plant employs around 800 union members, leading to strong political pressure against any job losses [5][9]. - The United Steelworkers union has expressed strong opposition to U.S. Steel's closure plans, indicating potential political ramifications for Nippon Steel's operational strategies [9][10]. - Nippon Steel's ability to implement its mid-term business plan and reform U.S. Steel will be a critical test of its operational freedom under the current political climate [10].

因投诉频发，大阪拟停受理"特区民宿"申请 原创 阅读全文 日经GO ...

南鸟岛海域的深海海底已发现分布着含有高浓度稀土的泥沙。日本政府将根据环保指南，从2027年开始 进行正式调查。 6000米级别的正式海底调查在全球范围内尚无先例。日本政府的目标是在2028年度前验证可持续性开采 的技术。 稀土滥采引发的环境污染被视为一大问题。日本将在世界各国中率先确立注重环保的勘探与开采流程， 在努力实现在日本国内供应稀土的同时，向全世界展示日本的技术实力。 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。 日本的 海域蕴藏着世界屈指可数的稀土资源。左图为南鸟岛，右图为稀土泥。 日本在2027年正式启动南鸟岛海域专属经济区（EEZ）内的稀土开采计划之前，将从调查阶段开始建立 防止土壤和水质污染的相关规则。稀土滥采引发的环境污染被视为问题。日本将率先确立注重环保的勘 探与开采流程…… 日本政府将制定进行稀土开采调查时的环保指南。在2027年正式启动南鸟岛海域专属经济区（EEZ）内 的稀土开采计划之前，将从调查阶段开始建立防止土壤和水质污染的相关规则。希望借此向全世界展示 日本的勘探和开采技术，引领海洋开发。 自2026年1月起，日本将在南鸟岛海域启动环境监测。通过从勘探 ...

Core Viewpoint - The Bank of Japan (BOJ) has decided to gradually sell off its holdings of ETFs and REITs, which have reached a scale of 70 trillion yen, indicating a long-term exit strategy from its previous monetary easing policies [2][4][10]. Group 1: Background and Policy Shift - The BOJ has been purchasing ETFs and REITs since 2010 as part of its monetary easing strategy, significantly increasing its holdings after the introduction of "quantitative and qualitative monetary easing" in 2013 [4][6]. - The previous BOJ leadership believed that large-scale purchases of ETFs would positively impact the economy and prices, viewing it as a tool to combat deflation [6][9]. Group 2: Challenges and Concerns - There are concerns that the BOJ's actions have distorted stock prices, which should be determined by corporate performance, and have weakened corporate governance by delegating voting rights to asset management companies [6][9]. - The BOJ's decision to sell off its ETF holdings is complicated by fears of market disruption, especially if a large volume is sold at once, which could lead to significant stock price declines [9][12]. Group 3: Future Strategy and Financial Implications - The BOJ has opted for a gradual and long-term selling strategy while retaining the option to adjust the pace of sales based on market conditions [9][12]. - The potential for losses due to market fluctuations exists, as the BOJ's accounting rules require provisions for any unrealized losses on ETFs, which could temporarily worsen its financial condition [12]. - As of September 19, the BOJ's ETF holdings amounted to approximately 85 trillion yen, representing about 8% of the total market capitalization of the Tokyo Stock Exchange's Prime market [10].

Core Viewpoint - Didi is actively expanding its overseas business, particularly in Latin America, to seek new growth opportunities as its market share in China declines due to intensified competition from rivals like Alibaba and Meituan [2][7][8]. Group 1: Market Expansion and Strategy - Didi has entered 14 countries, focusing on Latin America, with Brazil as a key market for its new food delivery service "99Food" [2][9]. - The company plans to double its investment in the food delivery sector in Brazil to 2 billion Brazilian Reais by June 2026 [4]. - Didi aims to expand its service coverage in Brazil from two cities to 20 by January 2026, collaborating with Yadea Group to develop dedicated electric delivery vehicles [5]. Group 2: Financial Performance - Didi's sales revenue for the period from April to June 2025 increased by 10% year-on-year, reaching 56.4 billion yuan, with overseas sales growing 2.4 times compared to the same period in 2022 [11]. - Overseas business now accounts for 25% of Didi's total transaction volume, surpassing the growth rate of its Chinese ride-hailing business [11]. Group 3: Competitive Landscape - Didi faces fierce competition in the Latin American market, particularly from local players like iFood, which holds an 80% market share in Brazil's food delivery sector [12]. - The company is also contending with regulatory changes in Mexico aimed at protecting the rights of delivery workers, which may increase operational costs [12].

编者荐语： 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。 以下文章来源于FT中文网 ，作者李瀚明 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，旨在为中国商业菁英和决策者们提供每日不可或 缺的商业财经资讯、深度分析以及评论。 现代汽车在美国销售的车辆 美国既有的工作签证政策由于不符合外国人才的实际需要，正在影响外资企业在美投资 的意愿和进度。 文丨李瀚明 最近在企业界最有趣的事情有两个：一个是美国现代在美国的电池厂被揭发用工不当， 475 名 熟练技工被逮捕；一个是西贝因为中央厨房供菜而陷入公关危机。 餐饮业和汽车行业本身都是制造业，核心生意模式都是"把各种零件按一定的工序组装在一 起成为产品"，只不过在选址和资源管理上有分别。对于餐厅而言，零件是肉、蛋、蔬菜组 合在一起，成为一道菜，再搭点米饭；汽车行业那就是发动机加上变速箱（或者电池加上电 动机），组合在一起，拼成一部车。 阅读更多内容请点击 ...

Core Viewpoint - The "pain culture," which expresses deep affection for characters, is evolving independently in China, leading to the emergence of local "pain" products such as "pain gold" and "pain notebooks" driven by a strong consumer base of young people [2][6]. Group 1: Pain Gold Products - The popularity of "pain gold" products, such as gold notes priced at 520 yuan and small gold ornaments around 1300 yuan, is attributed to the collaboration with popular anime like "Tian Guan Ci Fu" [4]. - Despite the higher cost compared to pure gold products, the desire to keep beloved characters close and the potential for value appreciation are driving sales of "pain gold" [6]. Group 2: Pain Notebooks - The "pain notebook" (pain ben) is designed with a cover that is easy to write on and resistant to ink bleed, priced at 9.9 yuan, allowing users to customize it with stickers [8]. - The target demographic for these products includes middle and high school students, reflecting the ongoing character craze among the youth [8]. Group 3: Market Trends and Events - The "pain culture" has roots in Japan's otaku culture, with phenomena like "pain cars" and "pain bags" gaining traction in China, exemplified by the gathering of approximately 800 pain cars at the "Bilibili World" event in July [6]. - In the context of economic slowdown, consumers are becoming more frugal, yet they are willing to spend on character-related products, indicating a unique consumer behavior trend [8].

Core Viewpoint - Japanese automakers are expanding their sales outside the U.S. due to the impact of U.S. tariff policies, with Mitsubishi and Mazda adjusting their export strategies to mitigate profit declines from the U.S. market [2][4][5]. Group 1: Tariff Impact - The U.S. government reduced tariffs on Japanese cars from 27.5% to 15%, but this is still significantly higher than the previous 2.5% before spring [4]. - The tariff reduction will have a substantial impact on Mitsubishi, with an estimated loss of 32 billion yen in the fiscal year 2025 [4]. - Japanese automakers are focusing on expanding markets outside the U.S. to compensate for declining profits from U.S. operations [2][4]. Group 2: Mitsubishi's Strategy - Mitsubishi is leveraging its strong brand image in design and off-road performance to enhance profitability in the South American market [5]. - The company has begun exporting vehicles from Brazil to neighboring countries like Argentina, which were previously only sold in Brazil [4][5]. Group 3: Mazda's Adjustments - Mazda is reducing exports of small cars from Mexico to the U.S. due to low profit margins and is redirecting these vehicles to other regions [5][7]. - The company has seen a significant drop in exports to the U.S., with a 57% decrease in "Mazda3" exports and a 37% decrease in "CX-30" exports in August [7]. Group 4: Overall Industry Outlook - Japanese automakers, except Nissan, are projecting profitability for the fiscal year 2025, largely due to the depreciation of the yen [8]. - Companies are enhancing cost competitiveness to maintain profitability even if the exchange rate shifts to 110 yen per dollar [8]. - The automotive market in the U.S. is experiencing price increases, which may lead to a decline in sales, making the expansion into non-U.S. markets critical [8].

Core Viewpoint - The article highlights the competitive landscape of the global vacuum robot market, emphasizing the dominance of Chinese companies and the strategic responses from South Korean firms like Samsung and LG to regain market share through advanced technology and product differentiation [1][9][10]. Group 1: Market Dynamics - In the first half of 2025, four out of the top five companies in the global vacuum robot market are Chinese, with leading firms like Beijing Stone Technology, Ecovacs Robotics, and Dreame Technology each holding over 10% market share [1][9]. - iRobot, which once held over 30% market share in the 2010s, has seen its share drop to 5.8%, placing it in fifth position [9]. - The price range for Chinese vacuum robots is approximately 20,000 to 30,000 yen (about 965 to 1,448 RMB), while South Korean products are priced between 100,000 to 200,000 yen (about 4,826 to 9,653 RMB), indicating a significant price disparity [9]. Group 2: Product Innovations - Samsung and LG are launching new vacuum robots equipped with advanced AI and sensor technologies to enhance cleaning quality and user safety [1][5]. - LG's new product features a unique design that reduces the height of the robot's workstation from 50 cm to 15 cm and includes steam functionality for sanitization [3][6]. - Samsung's model incorporates the "Knox" technology for data protection, improving the recognition of both colored and colorless liquids, allowing for flexible cleaning options [5][10]. Group 3: Strategic Responses - South Korean companies are focusing on high-value-added products to compete with the cost-effective Chinese alternatives, as they face challenges in pricing and performance [10][13]. - The emphasis on safety, high-end features, and ease of use is a strategic move to differentiate from Chinese products, which have been gaining market share due to their affordability and improved performance [13]. - The success of Samsung and LG in the vacuum robot sector is seen as a critical test for their ability to reclaim their status in the global home appliance market [13].

左起：高市早苗、小泉进次郎、林芳正、小林鹰之、茂木敏充 日本农相小泉进次郎邀请财务相加藤胜信担任自己的选举对策本部长，以寻求保守色彩较强阶层的支 持。前经济安全保障相小林鹰之转而推进曾受到批评的防灾厅构想，寻求争取现任首相石破茂的支持群 体…… 石破在2024年的第一轮投票中获得了党员票108票，占全体的3成，国会议员票46票。由于此次石破不参 选，因此2024年投票给石破的党员和议员的动向将对胜败产生影响力。 各媒体的舆论调查也显示，石破内阁的支持率正在上升，与石破的对立有可能成为扩大支持率的逆风。 关于去年以来多次批评首相政权运营一事，小林解释称"我是抱着有利于激活自民党的信念进行发言 的"。 小泉在9月16日的记者会上表示，邀请加藤担任选举对策本部长，得到了加藤的同意。加藤是由保守派 等组成的自民党议员联盟"创生日本"的主要成员，曾在安倍晋三政权担任厚生劳动相和官房副长官。 小泉曾倡导引入可选择的夫妇不同姓等，自民党内认为其"倾向自由主义"。小泉和加藤两人虽然同在菅 义伟政权中担任过阁僚，但很少有观点认为两人的政治理念相近。 有分析认为，邀请加藤担任竞选团队高管，可能是期待争取倾向保守政策的阶层的支持。 ...