日元贬值局面尚未终结

Group 1 - The overall appreciation of the yen since the beginning of the year is primarily due to the depreciation of the dollar, with the yen's depreciation against other currencies being minimal [1] - The exchange rate of the yen against the dollar hovers around 145 yen per dollar, indicating that the depreciation of the yen has not completely ended, rooted in Japan's economic weaknesses [1] - The acquisition of U.S. Steel by Nippon Steel, completed on June 18 for approximately $14.1 billion (about 2 trillion yen), has been a focal point in the foreign exchange market, influencing yen transactions [1][2] Group 2 - The depreciation of the yen since 2021 is attributed to "structural yen selling," driven by Japanese companies' direct investments abroad, such as mergers and acquisitions [3] - Japan's net direct investment abroad reached a historical high of 32 trillion yen for the fiscal year 2024, with monthly foreign investments averaging 2.6 trillion yen, significantly outpacing domestic investments [3] - The potential growth rate of Japan's economy is around 0%, with an average real GDP growth rate of 0.5% over the past decade, which is notably low among G7 countries [5] Group 3 - The share of mergers and acquisitions in Japan's domestic direct investment is only about 40%, lower than the approximately 60% seen in developed countries, indicating a sluggish growth in domestic investments [4] - The Japanese government aims to increase the balance of direct investment in Japan to 150 trillion yen, highlighting the need for attracting foreign capital back to Japan [3]