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： 文丨FT中文网专栏作家 刘远举 香港大埔火灾已致159人遇难，79人受伤。痛定思痛，我们不能仅仅停留在火灾问题上，也 不能将之仅仅视为香港的问题。 高层的好处很多，可以享受充足的阳光，欣赏广阔的风景。但高层火灾一直是一个世界性难 题。甚至，香港火灾后有一期节目上防火专家说，这类失火和地震一样，某种程度上，其实 都不用跑。因为小震小火不用跑，大震大火跑不了。 火灾之后，很多人买绳索速降装置，其实也没多大用，装了也只是一个形式。这种装置，安 装了就需要学习、演习，但一般人谁会专门演习？5、6层还勉强用一用，25层，到时候一般 人根本没那个胆子。更何况，那时下降还要穿越火层才能降到地面。 以下文章来源于FT中文网 ，作者刘远举 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 ...

Core Viewpoint - The article discusses the rare occurrence of the Bank of Japan (BOJ) and the Federal Reserve (Fed) implementing opposite monetary policies in the same month, with Japan expected to raise interest rates while the U.S. is anticipated to lower them, impacting the exchange rate of the yen against the dollar [2][4]. Group 1: Monetary Policy Changes - The Fed is expected to lower interest rates by 0.25 percentage points, with about 90% of market participants anticipating this outcome [4]. - The BOJ is projected to raise interest rates with a probability of approximately 90% for a rate hike in December [4][7]. - This simultaneous policy divergence is noted as unprecedented since the current Bank of Japan Law was enacted in 1998 [2][4]. Group 2: Exchange Rate Dynamics - Despite expectations for the yen to appreciate due to Japan's rate hike and the U.S. rate cut, the yen has remained stable around 155 yen per dollar since late November, indicating a lack of movement in the exchange rate [2][4]. - The actual long-term interest rate differential between Japan and the U.S. has narrowed from around 4% to approximately 2%, yet the yen has not strengthened as anticipated [7]. Group 3: Economic and Inflation Concerns - There are growing concerns about inflation in Japan, driven by the expansionary fiscal policies of the current administration, which may lead to sustained inflationary pressures [7]. - In the U.S., the government is considering measures such as lowering certain tariffs to mitigate inflation impacts [7]. - The market's perception of future interest rate differentials between the two countries is cautious, with expectations that they may not narrow significantly [7]. Group 4: Market Predictions and Diverging Views - Analysts have differing views on the future of the yen, with some predicting it will weaken to 158 yen per dollar by the end of 2026, while others foresee a strengthening to 140 yen per dollar [8]. - The BOJ's upcoming policy meeting is seen as a potential turning point for the yen, with expectations that any signals of continued rate increases could shift market sentiment [8].

高市内阁成员 Kyodo 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。 高市申报了奈良市价值1142万日元的土地和建筑物，以及两辆乘用车。称未持有有价证券及股票。其丈 夫、前众议院议员山本拓公开了福井县鲭江市价值1064万日元的土地和建筑物，以及1000万日元定期存 款等。 小泉的资产全部登记在妻子泷川雅美名下，具体构成为7000万日元国债、7764万日元公债及债券、 1.2484亿日元其他有价证券。同时还申报了700股东京地铁公司（Tokyo Metro）的股票。 排在第二位的是外相茂木敏充，资产为1.9397亿日元，持有1.7894亿日元有价证券等以及栃木县足利市 价值1503万日元的不动产。此外还登记了系统开发企业等5支股票，总数为24.33万股。 排在第三位的是总务相林芳正，资产为1.5088亿日元。除了1.3788亿日元的不动产和1300万日元的存款 之外，还持有高尔夫会员权益及股票。资产最少的是数字相松本尚，仅为550万日元。 包含家人持有的股票在内，共有9名内阁成员持有股票。由于只需要申报股票的标的和数量，不计入资 产总额，因此内阁成员的实际资产高于公开金额。 日本首 ...

Group 1 - The core viewpoint is that the AI industry revolution will lead to a shift in labor towards industries with higher production efficiency, ultimately driving economic growth [2][6] - The impact of generative AI on job losses among white-collar workers is outweighed by its ability to create new job opportunities, accelerating the AI industry revolution [4][6] - There will be a labor shortage in sectors that require skills in AI and robotics, particularly in manufacturing and logistics [2][6] Group 2 - The prediction indicates that the geopolitical tensions, particularly between the US and China, will intensify, leading to an irreversible division in the world [6] - Companies need to prepare for unexpected situations and focus on restructuring supply chains around three key regions: the US, China, and the Asia-Pacific [6]

Core Viewpoint - Mitsubishi Motors is facing significant challenges in the U.S. market due to high tariffs and lack of local production facilities, prompting discussions for collaboration with Nissan and Honda to enhance cost competitiveness [1][7]. Group 1: Current Situation - Mitsubishi Motors does not have a production base in the U.S., relying entirely on exports from Japan, which is increasing operational costs due to high tariffs [1][7]. - Nissan has factories in the U.S., but low sales are leading to reduced operating rates, negatively impacting profitability [1][7]. - Honda operates five factories in the U.S. but lacks the capacity to increase production due to high utilization rates [1][7]. Group 2: Collaborative Efforts - Mitsubishi's President Takao Kato indicated that discussions are ongoing regarding joint production with Nissan and Honda in the U.S. [3][7]. - The three Japanese automakers are exploring collaboration to improve cost competitiveness in response to high tariffs and market challenges [1][7]. - A joint production initiative for SUVs at Nissan's U.S. factories has already been announced, although specific models and factories have not been detailed [7]. Group 3: Future Plans - Kato emphasized that decisions regarding collaboration will be made before the next mid-term business plan is released, expected in spring of the following year [3]. - Mitsubishi's sales in the U.S. for 2024 are projected at 113,000 units, representing only about 10% of Nissan and Honda's sales [7]. - The three companies collectively hold over 15% of the U.S. new car market share, surpassing Toyota, indicating potential for significant cost advantages through joint production [7]. Group 4: Broader Collaboration - Mitsubishi is also discussing potential collaborations with Nissan and Honda outside the U.S., including production orders in the Philippines and supply agreements in Oceania [8]. - Ongoing negotiations for comprehensive business cooperation among the three companies have been in progress since February 2025, following the breakdown of merger talks between Nissan and Honda [9].

Core Viewpoint - Tokyo Electron is experiencing a decline in its sales proportion from the Chinese market, which is expected to drop from 42% in FY2024 to around 35% in FY2025, with uncertainty about whether it will fall below 30% in FY2026. The company plans to compensate for this decline by increasing sales of advanced semiconductor manufacturing equipment for AI servers, aiming for nearly 40% of total sales by FY2026 [2][5][6]. Group 1 - The company plans to expand sales of high-value products aimed at AI, with sales of advanced semiconductor manufacturing equipment for AI servers and devices expected to exceed 30% in FY2025 and reach nearly 40% in FY2026 [6]. - The demand for semiconductor memory is strong due to robust data center investments, leading to significant price increases and higher equipment utilization rates among memory manufacturers [4]. - The company has adjusted its FY2025 performance forecast, reflecting a positive outlook on the semiconductor industry's demand trends, despite facing challenges from local competitors in China [2][5]. Group 2 - The company is focusing on the etching equipment used in the DRAM wiring process, which is crucial for high-bandwidth memory (HBM) that is essential for processing AI data. Sales of etching equipment are projected to reach several hundred billion yen in FY2024, with cumulative sales expected to exceed 500 billion yen by 2030 [6]. - The company is actively working to restore trust with TSMC following an incident involving the illegal acquisition of confidential information, although this issue has not significantly impacted their business relationship [6].

白血病是因血液细胞发生异常并转化为癌细胞进而增殖的疾病。日本国立癌症研究中心的"癌 症统计"（全国癌症登记）数据显示，日本国内每年确诊的白血病患者约有1.5万人。 治疗白血病的方法之一是清除异常血液细胞，并移植与患者白血球类型高度相似的供体的"造 血干细胞"。但这种方法存在的问题是往往需要耗费大量时间寻找亲属等供体。 河本教授等人的团队已经在京都大学医院的设施中开始进行细胞生产（图片由京都大学的永野诚治助教提供） 研究团队将利用经过处理以降低排异反应的第三方iPS细胞，培育出攻击癌细胞的杀伤性T细 胞。用于治疗急性骨髓性白血病，可省去白血病的传统移植造血干细胞治疗中寻找供体的时 间…… 日本京都大学计划最早2027年启动利用iPS细胞的白血病新疗法的临床试验。新疗法将采用 以符合条件的健康人细胞为基础制备的iPS细胞。可省去白血病的传统移植治疗中寻找供体的 时间。研究团队将验证安全性及有效性等，力求早日投入实际应用。 本次由医师主导的临床试验将在京都大学医院开展。制备好的杀伤性T细胞将被用于65岁以上 的急性骨髓性白血病患者，以验证安全性和有效性。 如果能将预先制备的杀伤性T细胞冷冻保存，便无需再为寻找供体耗 ...

Core Viewpoint - Sushiro's overseas business, particularly in China, is performing exceptionally well, with expectations that overseas revenue will exceed 35% by the fiscal year 2026 [2][4]. Group 1: Company Performance and Strategy - F&LC's market capitalization surpassed 1 trillion yen in August, driven by growth expectations in overseas markets, especially in China and Southeast Asia [2]. - The company aims to increase operating profit to 1 trillion yen by the fiscal year 2035, which is 2.3 times the previous fiscal year's profit [2]. - As of October 2024, the number of overseas stores reached 232, a 30% increase from the previous year, with overseas revenue growing by 43% to 131.4 billion yen, accounting for 31% of total revenue [4][5]. Group 2: Competitive Landscape - Competitor Kura Sushi is exiting the Chinese market, while Sushiro is expanding its store network in Asia, including a recent entry into Malaysia [4][5]. - Kura Sushi has established a presence in the U.S. with 81 stores and reported sales of $282.8 million for the fiscal year ending August 2025 [8]. - Sushiro's strategy focuses on delivering authentic Japanese sushi, which may face challenges in gaining recognition in the U.S. market [9]. Group 3: Financial Outlook - F&LC's financial report for the fiscal year 2025 showed better-than-expected results, with a stock price increase of 4% following the announcement [7]. - The company anticipates a record net profit of 24 billion yen for the fiscal year 2026, although this is below market expectations [7]. - F&LC's equity ratio is 24%, which is lower compared to competitors, indicating reliance on debt for growth, raising concerns about financial pressure amid rising interest rates [11]. Group 4: Future Expansion Plans - F&LC plans to increase the number of stores in the U.S. to 100 and in China to 500 by the fiscal year 2035, aiming for a total revenue of 1 trillion yen [11].

Core Viewpoint - Japanese fresh fruit and vegetable exports, particularly grapes, are experiencing significant declines, with a potential record drop in export value for the year, attributed to increased competition from South Korean and Chinese products and a lack of effective branding strategy to counteract this competition [2][6][8]. Group 1: Export Performance - Japan's fresh fruit and vegetable export value grew only 1% year-on-year from January to October 2025, a sharp decline from a 9% growth in 2024 [2][4]. - The export value of grapes specifically fell by 20% year-on-year, with a 22% decrease in export volume by the end of October [6]. - The overall export value of agricultural and food products reached a record high of 1.4092 trillion yen in 2024, with a 15% year-on-year increase from January to October [2]. Group 2: Competitive Landscape - The market for high-end grapes, such as the Sunshine Rose variety, is facing stiff competition from lower-priced and higher-quality grapes from South Korea and China [4][6]. - The production area for grapes in South Korea and China has been expanding, allowing these countries to compete effectively in markets like Hong Kong and Taiwan, where Japanese grapes previously dominated [8]. - Japanese grapes are struggling to meet the quality and size demands of export markets, exacerbated by domestic climate challenges and inconsistent quality across production regions [8]. Group 3: Historical Context and Challenges - The decline in Japan's grape exports can be traced back to a seedling outflow incident nearly a decade ago, which allowed popular varieties like Sunshine Rose to be cultivated in other countries [6][9]. - The Japanese government has implemented measures to restrict seedling outflow, but protecting intellectual property for already outflowed varieties remains challenging [8][9]. - Experts suggest that Japan needs to improve its agricultural productivity and establish a strong reputation for quality to compete effectively against lower-priced imports [9].

斯巴鲁的SUV"森林人"（12月4日，横滨市） 大众的纯电动MPV"ID.Buzz"（12月4日，横滨市） 此外，"2025-2026年度进口汽车"选择了德国大众的纯电动车型"ID.Buzz"。其设计让人联 想到被亲切地称为"Wagen Bus"的小型MPV"Type 2"，该车同时属于日本国内仍然稀少的 纯电动MPV，获得高度评价。 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： 斯巴鲁4月发售了第6代新款森林人。由自主开发的发动机和丰田提供的混合动力系统组合成 的动力单元"强混动"（Strong Hybrid）获得很高评价。既能日常使用也能越野的性能和外型 设计引人关注…… 由汽车评论家等组成的日本年度汽车执行委员会12月4日宣布，作为最优秀奖的"2025-2026 年度日本年度汽车"颁给SUBARU（斯巴鲁）的SUV车型"森林人"（Forester）。评委对森林 人的燃效性能和乘坐舒适度等给予高度评价。 斯巴鲁4月发售了第6代新款森林人。由自主开发的发动机和丰田提供的混合动力系统组合成 的动力单元"强混动 ...