【日本7月制造业活动陷入萎缩】7月24日讯，周四公布的一项民间调查显示，受美国关税不确定性的拖累，日本7月制造业活动陷入萎缩。日本7月制造业PMI初值从6月份的终值50.1降至48.8，这是该指数13个月来首次跌破50.0的荣枯分界线。与此同时，在需求强劲的推动下，日本服务业的表现继续超过制造业，活动增速达到5个月来最快。调查显示，随着企业评估美国关税的影响，产出和新订单等关键分类指数分别以四个月和三个月来最快的速度下降。未来贸易政策的不确定性打压了对未来一年的预期。

Core Viewpoint - Japan's manufacturing activity has entered a contraction phase in July due to uncertainties surrounding U.S. tariffs, with the manufacturing PMI dropping below the neutral mark for the first time in 13 months [1] Manufacturing Sector - The manufacturing PMI preliminary value for July fell from June's final value of 50.1 to 48.8, indicating a decline in manufacturing activity [1] - Key sub-indices such as output and new orders decreased at the fastest rates in four months and three months, respectively, as companies reassess the impact of U.S. tariffs [1] Services Sector - In contrast to manufacturing, Japan's services sector continues to perform well, with activity growth reaching its fastest pace in five months driven by strong demand [1] Future Outlook - The uncertainty surrounding future trade policies is negatively impacting expectations for the upcoming year [1]