Core Viewpoint - The Japanese yen has depreciated significantly against the US dollar, reaching a 10-month low, primarily due to the diminishing expectations of a rate cut by the Federal Reserve and skepticism regarding the Bank of Japan's potential interest rate hike in December [2][4][6]. Group 1: Yen Depreciation Details - The yen's exchange rate against the US dollar fell to the range of 157.5 to 157.9 yen, marking the first time since January 15 that it has reached this level [4]. - Compared to the exchange rate of 147 yen per dollar before Prime Minister Suga Yoshihide's victory in the Liberal Democratic Party presidential election, the yen has depreciated by approximately 10 yen [4]. - The yen has also weakened against the euro, reaching a rate of 181.5 to 181.9 yen per euro, setting a new low since the euro's introduction in 1999 [4]. Group 2: Factors Behind Yen Depreciation - The acceleration of yen depreciation is attributed to multiple factors, including the declining probability of a rate cut by the Federal Reserve, leading to increased buying of the dollar and selling of the yen [6]. - The Federal Reserve's meeting minutes indicated a strong likelihood of maintaining the current policy rate, which has contributed to the market's shift in sentiment regarding future rate cuts [6][7]. - The US government shutdown has obscured the actual economic situation, further diminishing expectations for a rate cut [6]. Group 3: Market Expectations and Economic Data - Market predictions for the Federal Reserve's policy rate have shifted, with the probability of a rate cut in December dropping from 50% to 30% [7]. - The upcoming economic data releases, including US employment figures and retail sales, are crucial for assessing economic trends before the December Federal Reserve meeting [8]. - The Bank of Japan's potential interest rate hike is under scrutiny, with current market expectations for a December rate increase at around 40%, down from approximately 60% earlier in November [9]. Group 4: Government and Central Bank Stance - There is a lack of heightened vigilance from the Japanese government and the Bank of Japan regarding currency intervention, contributing to the market's inclination to sell the yen [10]. - Recent discussions among Japanese officials did not address the exchange rate specifically, leading to disappointment among market participants who anticipated a stronger stance against yen depreciation [10].

Economic Measures - The Japanese government approved a comprehensive economic measure with a scale of 21.3 trillion yen, which includes tax reductions such as the abolition of the temporary gasoline tax [2][4] - The economic measures are expected to increase Japan's real GDP by approximately 24 trillion yen and raise the annual growth rate by about 1.4% [2][4] Budget Allocation - The general account expenditure for the supplementary budget for the fiscal year 2025 is set at 17.7 trillion yen, which is an increase of 4 trillion yen compared to the fiscal year 2024 [4] - Total fiscal expenditure, including special accounts, amounts to 21.3 trillion yen, with a total project scale encompassing central government, local governments, and private funds reaching 42.8 trillion yen [4] Economic Strategy Pillars - The economic strategy is built on three pillars: (1) ensuring living security and addressing rising prices, (2) achieving a "strong economy" through crisis management investments and growth investments, and (3) strengthening defense and diplomatic capabilities [4]

Core Viewpoint - The governor of Niigata Prefecture, Hideyo Hanakado, announced the approval for the restart of the Kashiwazaki-Kariwa Nuclear Power Plant operated by Tokyo Electric Power Company, which could stabilize electricity supply and demand in the Tokyo area by 2025 [2][4]. Group 1 - The restart of the Kashiwazaki-Kariwa Nuclear Power Plant will be submitted to the prefectural assembly for approval, and if agreed upon, the governor will communicate this to the central government [2]. - If the 6th unit of the Kashiwazaki-Kariwa Nuclear Power Plant is restarted, it will be the first nuclear power plant approved for restart by Tokyo Electric Power Company since the Fukushima Daiichi nuclear disaster [4]. - Currently, 14 nuclear reactors have resumed commercial operations in Japan after the Great East Japan Earthquake, primarily located in western Japan, with only the Onagawa Unit 2 in the eastern region [4].

Group 1 - The core viewpoint is that the U.S. stock market is significantly overvalued, while there are still many undervalued stocks in the Chinese stock market, leading to a continuous rise in major indices in China [1][3] - The Chinese economy has experienced three phases of growth: post-1978 reform and opening up, attracting foreign investment in the 1990s, and the housing system reform in 1998 [1] - The management of Hong Kong Lianhua Asset Management has been focusing on market research and fund management, indicating a positive outlook on the Chinese market [3] Group 2 - The company has been managing a macro fund that includes various assets such as stocks, commodities, and currencies, and has maintained a position in Nikkei average stock index futures [3] - The positive attitude towards monetary easing in Japan is expected to contribute to the rise of the Nikkei average stock index futures [3] - The deterioration of U.S.-China relations is identified as a risk factor for the investment landscape [1]

Group 1 - The Japanese Finance Minister, Katayama, expressed concerns about the recent depreciation of the yen, describing it as "very one-sided and rapid," which raises worries [2][4] - Katayama indicated that appropriate measures will be considered based on the situation, emphasizing that currency intervention is certainly an option to address excessive volatility in the foreign exchange market [2][4] - The joint statement from September highlighted that currency intervention is regarded as an appropriate response to excessive fluctuations or disorderly depreciation/appreciation [4] Group 2 - Katayama stressed the importance of exchange rates reflecting economic fundamentals and maintaining stable fluctuations [4]

自民党外交部会长高木启做会议致辞（11月20日，自民党总部） 因中日关系恶化，日本执政党自民党召开了外交部会与外交调查会的联合会议，会上接连出现了应与中 国加强沟通的意见。一名与会者说："我们只能沉着冷静、坚持不懈地推进相关工作"，"问题的起因在 我方，因此需要消除误解"…… 前外交部会长、众议院议员星野刚士强调："紧张局势升级令人深感遗憾。日本的立场不会改变，应坚 持不懈地向中国传达我方主张"。 日本外务省介绍了11月18日中日两国外交部局长级磋商的内容。在此次局长级磋商中，双方针对日本首 相高市早苗关于台湾有事的国会答辩以及大阪总领事就此在社交媒体上发布的帖子表明了各自立场，并 进行了交锋。 高木在会议结束后向媒体表示："正因为日中关系存在问题，才要尽力进行切实沟通。（参会议员）围 绕这一基本方针发表了意见"。 他还介绍说，会上有很多意见强调要避免在华日侨受到伤害。 | | | 日本自民党议员关于中日关系的发言 | | --- | --- | --- | | 11 | 政调会长 小林鹰之 | (关于薛剑在X上的留言)希 望日本政府采取包括将其列 为"不受欢迎的人"在内的 坚决应对措施 | | | 外交部会 ...

Core Viewpoint - The article discusses the potential risks associated with the current AI investment boom, drawing parallels to historical investment frenzies, particularly the 19th-century railway boom, which led to numerous failures despite initial enthusiasm [2][7][10]. Group 1: AI Investment Landscape - The infrastructure investments supporting AI development are becoming overheated, reminiscent of past investment bubbles that resulted in significant failures [2][7]. - OpenAI's CEO, Sam Altman, warns that some investors may suffer severe losses due to the risk of "stranded assets" as technology advances and infrastructure costs decrease [3][5]. - Major companies like OpenAI, Google, Meta, and Amazon are making unprecedented investments, with McKinsey estimating nearly $7 trillion will be invested in data centers by 2030 [7]. Group 2: Historical Context and Comparisons - The article compares the current AI investment climate to the railway investment boom, highlighting that massive capital was required for infrastructure, leading to many bankruptcies during the 19th century [7][8]. - In the U.S., 55 companies went bankrupt in 1877 alone, with further failures in subsequent years due to overinvestment and deteriorating returns [8]. - The financial turmoil during the railway boom led to advancements in financial technology and the establishment of modern investment banking practices [8]. Group 3: Financial Viability and Future Outlook - The reliance on developed countries' finances to support massive AI infrastructure investments is questioned, as current funding sources are insufficient [11]. - Meta announced a capital expenditure of $72 billion for the year, with projections for further increases, leading to a significant stock sell-off [11]. - Research indicates that approximately 95% of organizations are currently unable to profit from generative AI investments, raising concerns about the sustainability of the current investment trend [11].

Core Viewpoint - The Chinese government has expressed strong discontent with Japan's recent political statements regarding Taiwan, indicating potential economic retaliatory measures, including export restrictions on rare earths and Japanese companies [2][4]. Group 1: Political Relations - The spokesperson for the Chinese Ministry of Commerce, He Yongqian, emphasized that Japan's Prime Minister, Fumio Kishida, must retract statements made in the National Diet regarding Taiwan, warning that continued obstinacy would lead to necessary measures from China [2]. - He Yongqian stated that Kishida's remarks fundamentally damage the political foundation of China-Japan relations and have severely negative impacts on bilateral economic exchanges and cooperation [4]. Group 2: Economic Measures - Following Japan's political stance, China has already halted imports of Japanese seafood and may implement further economic measures, including restrictions on rare earth exports and export controls targeting Japanese enterprises [4]. - A planned meeting between the Japan-China Investment Promotion Organization and China's Minister of Commerce, Wang Wentao, scheduled for November 25, has been postponed at China's request, seen as a response to Kishida's statements [4].

编者荐语： 2015年9月18日，美国国家环境保护局（EPA）公布这样的调查内容后，大众的品牌形象一落千丈。同 时发现，全球范围内的涉事车辆可能高达1100万辆，事件进一步演变为大规模召回问题 （图1） 。在汽 车上安装"失效装置（Defeat Device）"的行为，违反了美国《清洁空气法》。当时的经营高管接连遭到 刑事起诉，大众也支付了巨额罚款。2015年全年财报显示，大众出现了公司创立以来的最大亏损，并被 迫进行根本性改革重建。 日经中文网"开设了"日经BP精选"栏目。日经BP是日本经济新闻社媒体集团的一员，成立于1969年。作 为日本领先的B2B媒体公司，聚焦经营管理、专业技术及生活时尚三大主要领域。敬请读者关注。 阅读更多内容请点击下方"阅读原文" 以下文章来源于日经BP ，作者日经BP （本文由日经BP提供） 图1 配备柴油发动机"TDI"的"高尔夫旅行版"（Golf Variant）" 日经BP . 日经BP成立于1969年4月, 隶属于日本经济新闻社集团。作为日本领先的B2B媒体公司，我们聚焦"经营 管理"、"专业技术"及"生活时尚"三大主要领域，满足客户多元化的需求。 德国大众的尾气排放违规 ...

Group 1 - The Nikkei average stock index rebounded after four trading days, rising by 1286.24 points (2.65%) to close at 49,823.94 points on November 20 [2][4] - During intraday trading, the index saw a rise exceeding 2000 points and briefly surpassed the 50,000 mark, although the gains narrowed in the afternoon [2][4] Group 2 - NVIDIA's quarterly earnings report released on November 19 significantly exceeded market expectations, and its sales outlook for the next quarter also surpassed forecasts, leading to a rise in its stock price during after-hours trading [4] - The positive performance of NVIDIA contributed to increased buying interest in Japanese AI-related stocks [4] - The Japanese yen fell to a 10-month low, trading at around 157 yen per dollar, which also supported the rise in the Japanese stock market [4]