Core Viewpoint - The Trump administration has faced significant challenges in domestic and foreign policy, leading to a decline in support from independent voters, which is critical for upcoming elections [2][5][10]. Domestic Policy - Housing costs have maintained an increase of approximately 4% year-on-year, outpacing the Consumer Price Index (CPI) [5][6]. - Hospital service costs have risen by over 5%, putting pressure on household finances [6]. - Personal bankruptcies increased by 15% from January to September, indicating worsening economic conditions for individuals [5][6]. Foreign Policy - Trade negotiations with China have stalled, with no effective strategies to address the trade deficit [5][7]. - The situation in Ukraine remains unresolved, with a canceled summit between Trump and Putin due to lack of concessions from Russia [7]. - The Trump administration's aggressive tariff policies, including a 145% tariff on Chinese goods, have not yielded the desired results, leading to a reassessment of strategies [7][10]. Voter Sentiment - Support for Trump among independent voters has dropped from 46% to 33%, reflecting dissatisfaction with economic conditions [5][6]. - In the recent Virginia gubernatorial election, 59% of independent voters supported the Democratic candidate, a significant shift from previous elections [4][5]. Policy Adjustments - The Trump administration has begun to reverse some of its more extreme policies, including the cancellation of tariffs on over 220 food items, in an effort to regain support [7][10]. - There are indications of a shift towards attracting high-skilled foreign talent, contrasting with previous restrictive immigration policies [8][10].

Group 1 - The Japanese government is designating six fields, including AI, biotechnology, and nuclear fusion, as "national strategic technologies" to promote investment and provide extensive support from startup to practical application [2][6][8] - The initiative is part of a broader policy aimed at achieving "new technology nation" status, focusing on economic growth and crisis management through government support to stimulate private sector investment [4][7] - The six key areas identified for support include: (1) Artificial Intelligence and advanced robotics, (2) Quantum technology, (3) Semiconductors and communications, (4) Biotechnology and healthcare, (5) Nuclear fusion, and (6) Space [6][8] Group 2 - The Japanese government plans to enhance research and development talent cultivation, promote collaboration between enterprises and research institutions, and support the establishment of entrepreneurial and operational systems [8] - The government aims to implement a research and development tax incentive system that allows companies and universities to deduct a portion of their research expenses from corporate taxes, with higher deduction rates expected for designated fields [6][8] - Japan's private sector R&D spending is currently supported by the government at a rate of 7.7%, which is below the OECD average of 11.3%, indicating a need for increased government involvement to attract private investment [6][7] Group 3 - Other countries, including the United States and the European Union, have also prioritized important technologies related to economic security and are implementing support measures, highlighting the global trend towards strategic technology development [9]

Core Insights - The proportion of Japanese companies prioritizing mainland China as a production base has decreased to 16.2%, down 7.6 percentage points from the previous survey in 2019, indicating concerns over US-China tariff negotiations and geopolitical risks [2][4] - The overall percentage of Japanese companies establishing production or sales bases overseas has dropped to 18.3%, a decline of 6.4 percentage points compared to pre-COVID levels [4] Group 1: Production Base Preferences - After mainland China, the next most prioritized locations for production bases are Vietnam (7.9%), Thailand (5.3%), and Taiwan (2.7%) [6] - The survey indicates a significant shift in focus away from China for production, reflecting broader trends in global supply chain adjustments [2][6] Group 2: Sales Base Preferences - Mainland China remains the top choice for sales bases at 12.3%, but this represents a decline of 13.6 percentage points from the last survey [6] - The United States ranks second for sales bases at 8.2%, followed by Thailand at 6.2%, highlighting a shift in market focus [6] Group 3: Impact of Tariff Negotiations - 13.5% of surveyed companies reported that US tariff negotiations had a "significant impact" on their overseas operations, including adjustments to locations and market exits [6] - 42.5% of companies acknowledged "some degree of impact," citing increased costs and the need to revise local procurement strategies [6]

Group 1 - The Japanese market has experienced a significant change in sentiment since November, characterized by declines in stocks, bonds, and the yen, leading to a "triple hit" of equities, bonds, and currency [2][4]. - The Nikkei average index fell by 3% last week, with a total decline of 7% compared to the end of October, while the yen depreciated by 2% and long-term interest rates rose by 0.12% [4][9]. - The initial positive interpretation of Prime Minister Kishida's fiscal expansion has shifted as concerns about the negative impacts on the stock market have increased [6][8]. Group 2 - The Japanese government's comprehensive economic measures, amounting to 21.3 trillion yen, have raised concerns about the sustainability of public debt supported by private savings amid stable inflation expectations [6][8]. - The depreciation of the yen to the 157 yen range against the dollar is attributed to "re-inflation policies" under inflation, which may lead to a loss of confidence in the government's low inflation commitments [6][8]. - The decline in the Nikkei index, when calculated in USD, has exceeded 9%, indicating a significant reversal of gains from the "Kishida trade" [9][10]. Group 3 - The yield spread between long-term rates and the earnings yield of TOPIX 500 stocks is narrowing rapidly, indicating a potential overvaluation of stocks at a 10-year high [10]. - Concerns are raised about the lack of political parties prioritizing fiscal discipline and efficient spending, which could exacerbate the negative reactions in the bond and currency markets [10]. - Despite the overall negative sentiment, there are signs of capital shifting towards undervalued stocks in sectors like automotive and engineering, suggesting that not all market participants are pessimistic [10].

Group 1 - The CPTPP ministerial meeting in Melbourne on November 21 decided to initiate new membership negotiations with Uruguay, highlighting the strategic significance of maintaining and expanding free trade zones amid rising protectionism [2][6] - The meeting acknowledged that Indonesia, the Philippines, and the UAE meet the criteria for membership and will decide in 2026 whether to start negotiations with these countries [4] - Australia's Trade Minister Farrell expressed anticipation for new members to join by the end of the year, while avoiding a clear response regarding China's 2021 application for membership [5] Group 2 - The meeting raised concerns about economic coercion, particularly in light of China's actions, and emphasized the importance of cooperation to address market distortions and supply chain disruptions [6] - Uruguay's nominal GDP is approximately $80 billion, with a population exceeding 3 million, and its membership in the Southern Common Market reflects its commitment to free trade and democracy [6] - The CPTPP, which began in 2016, now includes 12 countries after the UK joined, covering about 7% of the world's population and accounting for approximately 15% of global GDP and 18% of trade [7]

日经GO 日本的养殖海胆走向世界 原创 阅读全文 ...

运往美国俄亥俄州储藏设施的美国大豆（reuters） "绝对是异常事态"，美国大豆出口协会CEO在接受采访时承认，中国对美国大豆的采购重启仍停滞。10 月底的中美首脑会谈中就恢复出货达成一致，并启动部分出口，但仍未出现大量采购的迹象。背景是中 国的替代采购…… 美国对中国的大豆出口依然停滞不前。大豆在作为鸡和猪饲料的粮食采购中属于重要品类之一。作为世 界最大消费国的中国在贸易战中一直通过抵制向美国特朗普政府施压。虽然在10月底的中美首脑会谈中 就恢复出货达成一致，并启动部分出口，但仍未出现大量采购的迹象，美国的农业相关人士对此忧心忡 忡。 美国农业相关人士发出担忧的声音 "绝对是异常事态"，美国大豆出口协会（USSEC）首席执行官（CEO）吉姆·萨特（Jim Sutter）在接受 日本经济新闻的独家采访时承认，中国对美国大豆的采购重启仍在停滞。他表示"想耐心等待"中国方面 的应对。 "（美国的）贸易商和农民等开始担心美国产大豆的采购能否如约进行"，美国中西部伊利诺伊州的谷物 期货交易商Allendale的首席策略师Rich Nelson如此指出。 中国通过抵制击中了"美国农民"这一特朗普政府的要害，在贸易战中 ...

中国2001年因日本发生疯牛病（BSE）而停止进口日本产牛肉。两国政府于2019年签署了作 为重启日本产牛肉对华出口前提的检疫协议，并于2025年7月生效。当时已进入推动中国重 启进口的最后阶段。 日本政府高官透露，原定与中国进行的谈判已被取消。日本外务省高官表示，需与中国确认 辐射测量方法等技术流程。 中日两国此前就日本产牛肉重启对华出口进行了协商 日本政府高官透露，原定与中国进行的谈判已被取消。日本外务省高官表示，需与中国确认辐射测量方 法等技术流程…… 日本经济新闻11月21日获悉，日本与中国之间关于重启日本产牛肉对华出口的协商已经停 止。尽管双方此前为实现24年来首次重启出口推进了各项手续，但后续协调工作变得困难。 此事被认为是受中日关系恶化的影响。 日经中文网 https://cn.nikkei.com 视频号推荐内容： 由于日本首相高市早苗关于台湾有事的国会答辩和驻大阪总领事薛剑的社交媒体发帖，中日 关系迅速降温。中国政府实际上也停止了日本产水产品的进口。 日本政府设定了到2030年将牛肉出口额增加到目前的近两倍，达到1132亿日元的目标。原本 设想通过恢复对华出口，把对中国市场的牛肉出口额提高到 ...

Core Viewpoint - The article discusses the delicate nature of Japan-China relations, particularly in the context of recent statements made by Japanese politicians regarding Taiwan and military involvement, highlighting the potential for diplomatic tensions [2][4][5][7]. Group 1: Political Statements and Reactions - Former Prime Minister Shigeru Ishiba criticized the remarks made by Minister of State for Economic and Fiscal Policy, Sanae Takaichi, regarding the possibility of Japan exercising collective self-defense in the event of a crisis in Taiwan, emphasizing the need for caution in handling Japan-China relations [2][4]. - Ishiba expressed his disagreement with Takaichi's government rice policy, advocating for increased rice production and questioning the rationale behind the policy changes [4]. - Opposition leader Yoshihiko Noda attributed the deterioration of Japan-China relations to Takaichi's reckless statements, stressing the importance of clear communication of Japan's official stance to avoid misunderstandings [5][7]. Group 2: Diplomatic Context - Noda highlighted the lack of dialogue between Japanese and Chinese leaders during the G20 summit, indicating that a strategic mutual relationship requires ongoing communication at multiple levels to mitigate misunderstandings [7].

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 ，作者张冬方 资料图（reuters） 汽车电动化转型不只是汽车制造商面临的机遇和风险，汽车经销商也同样身在其中。 文丨FT中文网专栏作家 张冬方 中国汽车品牌进入欧洲关键市场德国，面临的首要问题就是选择怎样的销售渠道模式。目 前，比亚迪在德国的销量正在经历高速增长期，其背后的原因除了调整产品战略，还在于渠 道战略上的大调整。 继2021年进入挪威市场之后，比亚迪于2022年进入了德国市场，但在接下来的两年多时间 里，比亚迪在德国的存在感微乎其微。在销售网络建设方面，比亚迪受困于快速扩张的计划 无法达到预期。即使在2024年，比亚迪作为足球欧洲杯官方合作伙伴高调亮相，德国人对作 为中国品牌的比亚迪仍然十分陌生，销量也没有出现大的好转。正是在这些背景之下，才有 了比亚迪去年调整渠道模式的举动…… 阅读更多内容请点击下方" 阅读原文 ...