关税阴霾笼罩，日韩制造业PMI双双萎缩

Group 1 - Japan's manufacturing PMI fell from 50.1 in June to 48.9 in July, indicating a return to contraction [1][2] - South Korea's manufacturing PMI decreased from 48.7 in June to 48.0 in July, marking the sixth consecutive month of contraction [1][3] - Both countries are experiencing dual pressures of weak demand and declining output, reflecting the ongoing impact of tariff uncertainties on the Asian manufacturing supply chain [1][3] Group 2 - In Japan, the output sub-index fell back into contraction, with the decline being the largest since March, as businesses reported reduced production due to decreased new business volumes [2] - New orders in Japan continued to shrink in July, although the pace of decline slowed compared to June [2] - Despite the downturn in output and orders, Japanese manufacturers continued to increase employment, although the growth rate reached a three-month low [2] Group 3 - In South Korea, the decline in output and new orders accelerated in July, exacerbated by weak domestic economic conditions and the impact of U.S. tariff policies [3] - The drop in new export orders was the smallest in four months, but companies reported a significant decrease in export orders to the U.S. and Japan [3] Group 4 - The effectiveness of the recent trade agreements with the U.S. remains to be seen, with a focus on whether they will lead to improved customer confidence and sales in the coming months [4] - South Korean manufacturers have turned pessimistic about future prospects for the first time in three months, expressing concerns over the timing of domestic economic recovery and ongoing tariff uncertainties [4] - In Japan, business confidence has risen to a six-month high, with expectations that improved demand conditions and reduced trade-related uncertainties will support future growth [4]