“抛售日本”，出现了！

Market Impact - The Nikkei 225 index in Tokyo closed at 48,702.98 points on the 18th, marking a significant drop of 3.22%, the largest decline since early April this year [1] - On the same day, Japanese government bonds faced sell-offs, leading to a depreciation of the yen [1] - Concerns over Prime Minister Suga's proposed expansionary fiscal policies are causing investors to worry about worsening fiscal conditions, resulting in a continuous rise in long-term interest rates [1] Stock Performance - The Tokyo stock market indices continued to decline on the 19th, with the Nikkei index dropping by 165.28 points to close at 48,537.70 points, and the Topix index falling by 5.52 points to 3,245.58 points [3] - Over the previous three trading days, the Nikkei index had cumulatively dropped more than 2,500 points [1] Sector-Specific Concerns - Companies related to the Chinese market, such as Shiseido and Sony Group, are experiencing weak rebounds and continued declines due to deteriorating Sino-Japanese relations [2] - Analysts suggest that the current situation makes the performance outlook for these companies uncertain, leading investors to avoid their stocks [2] Economic Outlook - Japan's GDP contracted by 1.8% year-on-year in the third quarter, indicating a return to negative growth since the first quarter of 2024, which adds pressure to the market [5] - Experts express concerns that the worsening Sino-Japanese relations could further impact Japan's already struggling economy, potentially leading to another quarter of negative growth [6] Tourism and Consumer Impact - From January to September, foreign tourist spending in Japan reached 6.92 trillion yen, with contributions from mainland China and Hong Kong accounting for approximately 30% [7] - Predictions indicate that the Chinese government's travel advisories could reduce Japan's tourism revenue by about 2.2 trillion yen over the next year, which may decrease Japan's GDP by 0.36% [7] - The negative sentiment from Prime Minister Suga's remarks may also affect the export and sales of Japanese goods, as Chinese consumers might reduce their purchases of Japanese products [9]