日本策略：海上观日

Market Observation - Japan's stock market showed resilience this week, with the Nikkei 225 closing at 38,647.75, up 0.7% week-over-week, and the TOPIX closing at 2,712.63, up 1.04% [1][14] - After a sharp sell-off at the beginning of the month due to rapid unwinding of carry trades, both major indices have recovered most of their losses by the end of August [1][14] - The Bank of Japan's Governor Ueda expressed confidence in achieving a sustainable 2% inflation rate, indicating that the central bank will continue its normalization of monetary policy as long as economic and inflation data meet expectations [1][2] Economic Indicators - Tokyo's core CPI for August was 2.4%, an increase of 0.2% from the previous month [2] - Nationwide retail sales in July rose by 2.6% year-on-year, marking the 29th consecutive month of positive growth [2] - The recent appreciation of the yen is expected to alleviate the burden on domestic consumers caused by previous currency depreciation, alongside rising overall household income, indicating a gradual recovery in domestic consumption [2] Company Updates - Toyota announced a plan to repurchase its own shares worth 806.8 billion yen, equivalent to 2% of its outstanding shares, as part of a broader trend among Japanese companies to reduce cross-shareholdings [8] - Rakuten reported significant improvements in its wireless operations, with a net addition of 300,000 users in the first half of the year, leading to a strong stock performance [10] - Sony will increase the price of its PS5 console in Japan by 19% due to rising component and manufacturing costs, which is expected to improve overseas revenue and reduce resale activities by tourists [11] - Seven & i is evaluating a takeover bid from Alimentation Couche-Tard, which could become one of the largest acquisitions of a Japanese company by a foreign entity, potentially boosting the yen's value [12] - SBI Holdings plans to invest 10 billion yen in AI startup Preferred, aiming to collaborate on the commercialization of next-generation AI semiconductors [13] Sector Performance - The overall TOPIX index returned 1.0% this week, with notable sector performances including Industrials at 2.2% and Consumer Discretionary also at 2.2% [7] - The Information Technology sector showed a modest return of 0.3%, while Financials experienced a decline of 0.4% [7]