综述丨美关税政策拖累日本多行业

Group 1 - The U.S. tariff policy has significantly negatively impacted multiple Japanese industries, including automotive, steel, and chemicals, leading to profit shrinkage and concerns over production cuts among SMEs [1][2] - Japan's exports to the U.S. have declined, with July exports dropping 10.1% year-on-year to 1.73 trillion yen, marking four consecutive months of decline [1] - The automotive sector experienced a 28.4% year-on-year decrease in exports to the U.S. in July, with export volume down 3.2% to 123,500 vehicles [1] Group 2 - The net profit of 1,069 companies listed on the Tokyo Stock Exchange fell by 12% year-on-year in Q2, marking the first decline in three years, with the automotive sector suffering the most, seeing a profit drop of approximately 980 billion yen, or 45% [1][2] - The steel industry reported losses in Q2, prompting Tokyo Steel to revise its earnings forecast for the fiscal year 2025 [2] - The chemical sector's profits decreased by 25% in Q2, with Mitsubishi Chemical Group's performance notably affected by the tariff policy [2] Group 3 - SMEs are under greater pressure due to the tariff impacts, with 50% of surveyed SMEs expressing concerns about order reductions, an increase of 12 percentage points since April [3] - The food industry, primarily composed of SMEs, has also been affected, with companies like Tamano Hikari Sake Brewery reporting a 30% year-on-year drop in sales to the U.S. due to order cuts from American importers [2]