Core Viewpoint - The suspension of the administrative order by the Dutch government regarding Nexperia has somewhat resolved the semiconductor issue, but the Chinese government's counteractions exceeded expectations, highlighting Europe's declining negotiation capabilities in the context of its efforts to reduce reliance on China [1][11]. Group 1: Nexperia's Situation - The Dutch government invoked the Commodity Supply Act to take control of Nexperia due to concerns over technology transfer, marking the first use of this law since its establishment in 1952 [3][4]. - Following the Dutch government's actions, the Chinese government halted the export of Nexperia's final products produced in China, which accounted for 80% of the semiconductor processes for automotive electronic control units [4][11]. - Major automotive manufacturers like Honda and Nissan faced production halts and adjustments due to semiconductor shortages caused by the tensions between the Netherlands and China [5]. Group 2: European Dependence on China - Europe has been attempting to reduce its economic activities with China, but the reliance on Chinese resources and strategic materials remains significant, with 80% of lithium and 50% of rare earths used in EU vehicle batteries imported from China [7]. - One-third of traditional semiconductors used in Europe are imported from China, indicating a substantial dependency in the semiconductor sector [10]. - The EU's trade deficit with China in 2024 is projected to reach €305.8 billion, which is 2.7 times higher than a decade ago, with a significant deficit of €9.8 billion in the semiconductor sector alone [10]. Group 3: International Negotiations and Responses - The Dutch government emphasized its cooperation with European partners, but actual negotiations with China were primarily conducted by the Netherlands, revealing a lack of a cohesive EU framework for managing strategic technology companies [11]. - The U.S. has taken steps to coordinate actions to soften China's stance, leading to a conditional lifting of export bans on Nexperia products following a summit between U.S. and Chinese leaders [11].

在中日对立的局面下，双方负责展开对话的"关键人物"均已离开要职，一直重视对华关系的日本公明党 也退出了执政联盟。原本用于补充政府间对话的"其他渠道"难以发挥作用，双方处于对立更容易长期化 的环境…… 在因台湾问题而引发中日对立的情况下，两国议员之间的沟通渠道却进一步变窄。在双方负责展开对话 的"关键人物"均已离开要职，一直重视对华关系的日本公明党也退出了执政联盟。原本用于补充政府间 对话的"其他渠道"难以发挥作用，双方处于对立更容易长期化的环境。 在中日对立的局面下，虽然存在议员联盟力争年内访华的方案，但中方是否同意接待尚不清楚。议员联 盟内部也有不少人持慎重态度。一名高官表示，"引发对立的起点是首相答辩，首先应该在政府间进行 对话"，呼吁进一步观察形势。 慎重论出现的背景是中日双方体制方面的变化。 在高市早苗就任日本自民党总裁后，议员联盟会长森山不再担任自民党干事长一职。不仅没有担任党和 政府的要职，还失去了党税制调查会的领导职位。被认为是"非主流派"。议员联盟的干部指出："中国 恐怕不会将森山视为首相特使"…… 阅读后续内容请关注"日经中文网"官网 （ https://cn.nikkei.com ） 日本 ...

编者荐语： 本轮黄金牛市的原因是什么，后市走向如何？关于黄金价格的假说，是否真的存在？ 文丨陈稻田 本轮黄金牛市从2024年初持续到现在，价格从2000美元每盎司上涨到4000美元（单位为美 元/盎司，下同）。在经历了接近两年的迅猛上涨之后，10月21日黄金价格突然出现大幅度下 跌，到10月31日最大回调幅度接近10%。本轮黄金牛市的原因是什么， 后市走向如何？本文 将考察关于黄金价格的四个假说，并对未来价格走势进行分析。 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 ，作者陈稻田 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。 黄金知多少？ 据世界黄金协会数据，2024年全世界现存黄金总量为21.6万吨。尽管这是人类几千年挖掘的 成果，二战以后挖掘的黄金占了总存量的一半。在用途分布上，其中 ...

记者会上的日本官房长官木原稔（11月19日，日本首相官邸） 中国以日本治安恶化为由呼吁民众谨慎前往日本，日本官房长官木原稔表示"日本国内的 治安绝对没有恶化"。在日本，2024年中国籍人士成为受害者的杀人、抢劫等恶性犯罪案件共68 起，与最近峰值相比减少了56%…… 日本警察厅的犯罪统计数据显示，2024年中国籍人士成为受害者的杀人、抢劫等恶性犯罪案件共有68 起。与最近峰值2002年（156起）相比减少了56%。 截至2025年10月底，此类案件为50起（暂定数据），低于2024年同期（56起）。在新冠病毒蔓延的 2019~2022年间，每年的案件数量均在40多起。该统计数据包含台湾籍、香港籍人士。 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 日本官房长官木原稔在11月19日的记者会上，关于中国以日本治安恶化为由呼吁民众谨慎前往日本一事 表示"日本国内的治安绝对没有恶化"。 ...

Group 1 - The trade promotion activities between China and Japan scheduled for November 19 and 22 have been postponed due to rising tensions following Japanese Prime Minister's remarks regarding Taiwan [1][3] - Approximately 20 events related to Japan in China have been postponed or canceled as reported by the Japan External Trade Organization (JETRO) [1] - The diplomatic tensions have led to a broader impact on the entertainment industry, with delays in the release of Japanese films such as the latest "Crayon Shin-chan" and "Cells at Work" in China [3][4] Group 2 - Yoshimoto Kogyo announced the cancellation of its performances in Shanghai originally planned for November 20-22, citing "force majeure" reasons [6]

Core Viewpoint - The article discusses the depreciation of the Japanese yen against the US dollar and euro, driven by market concerns over Japan's fiscal deterioration amid the government's active fiscal policies. Group 1: Yen Depreciation - The yen fell to the 157 yen per dollar range on November 19, marking its lowest level in about 10 months since mid-January [2] - The yen also weakened against the euro, reaching over 181 yen per euro, indicating a new record low [2] - The depreciation of the yen is attributed to market fears regarding Japan's fiscal situation, leading to increased selling pressure on the currency [2] Group 2: Government and Central Bank Response - A meeting was held among Japan's finance minister, economic minister, and the Bank of Japan governor, but no specific discussions on yen depreciation or the strengthening of the dollar were reported [4] - The lack of mention regarding currency intervention by the government and the Bank of Japan has led to decreased market expectations for such actions [4] Group 3: Impact of US Federal Reserve Policies - The uncertainty surrounding the Federal Reserve's interest rate decisions has also influenced the yen's performance [6] - The minutes from the October Federal Open Market Committee meeting indicated that many participants expect to maintain the policy rate unchanged at least until the end of the year, with over 60% probability for this outcome in December [6]

Group 1 - China has effectively stopped the import of Japanese seafood due to insufficient radioactive material testing, despite Japan having recently resumed exports to China in November [1][3] - The Japanese seafood industry is experiencing polarized reactions, with concerns about the impact of China's pressure tactics, including potential restrictions on rare earth exports and visa policies [3] - Japan's Ministry of Agriculture, Forestry and Fisheries reported that the first batch of frozen scallops from Hokkaido was shipped to China, but was informed that radioactive material testing was inadequate, leading to an inability to export [3][5] Group 2 - A Chinese Foreign Ministry spokesperson stated that Japan had previously committed to ensuring the safety and quality of seafood exports to China, which is a prerequisite for trade, but has failed to provide the promised technical materials [5] - The Japanese government denied receiving any official communication from China regarding the import ban, emphasizing ongoing technical exchanges since the resumption of shipments on November 5 [5]

中国外交部亚洲司司长刘劲松（右）手插口袋送别日本外务省亚洲大洋洲局局长金井正彰（左二）（Kyodo） 就中日两国局长级磋商结束后站立交谈的影像在网上传播一事，日本内阁官房长官木原稔表示，中 方"没有与日方协调就安排了媒体"。日方以中方未事先协调就让媒体拍摄了磋商后的场景为由，向中方 提出交涉…… 木原稔表示，中方"没有与日方协调就安排了媒体"。在北京进行磋商后，中国外交部亚洲司司长刘劲松 手插口袋送别日本外务省亚洲大洋洲局局长金井正彰的场景在社交媒体上扩散。 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 日本内阁官房长官木原稔在11月19日的记者会上提到了11月18日中日两国局长级磋商结束后两位局长站 立交谈的影像在网上传播一事。他表示，日方已经以中方未事先协调就让媒体拍摄磋商后的场景为由， 向中方提出交涉。 ...

Core Viewpoint - Yoshimoto Kogyo has canceled its scheduled performances in Shanghai from November 20 to 22, which were planned to coincide with the Shanghai International Comedy Festival, citing "force majeure" as the reason. This decision is believed to be influenced by rising tensions between China and Japan following comments made by Japanese Prime Minister Sanae Takaichi regarding Taiwan [2][4]. Group 1 - Yoshimoto Kogyo was set to hold a total of four performances in Shanghai, featuring not only Yoshimoto's new comedy but also traditional Chinese cross-talk and short plays [2][4]. - The deterioration of Sino-Japanese relations has begun to impact cultural and entertainment sectors, with reports indicating that several Japanese films scheduled for release in China have been postponed, including the popular animated film "Crayon Shin-chan" originally set for December 6 [4].

Group 1 - The core viewpoint of the article highlights the challenges faced by Japan's Prime Minister, Kishi Sanae, in balancing aggressive fiscal policies with a loose monetary environment, which may exacerbate inflation risks due to the continuous depreciation of the yen since her election [2][4] - Kishi has expressed concerns about the current inflation being cost-push and has shown caution towards hasty interest rate hikes, indicating a respect for the independence of the Bank of Japan (BOJ) [4][6] - The upcoming cabinet meeting on November 21 is expected to finalize Kishi's first comprehensive economic measures, focusing on expanding support for food purchases and local delivery funds [4][6] Group 2 - The depreciation of the yen has been significant, with the exchange rate moving from 147 yen per dollar before Kishi's election to around 155 yen currently, raising concerns about rising import prices [2][4] - The market has reacted to the potential for delayed interest rate hikes due to fiscal expansion, leading to a sell-off of the yen and an increase in bond yields, with the 20-year government bond yield reaching 2.810%, the highest in 26 years [6] - There is a growing consensus within the government and the BOJ that if inflation accelerates further, interest rate hikes may become unavoidable, with market expectations for rate increases in December and January reaching 70% [6]