汇丰：日本股票策略-评估关税对股票层面的相对影响

Investment Rating - The report maintains a defensive positioning recommendation for the industry due to tariff risks and a cautious macro outlook [4][9]. Core Insights - The report highlights the impact of US tariffs on Japanese stocks, identifying 59 stocks with relatively high exposure and 63 stocks with relatively low exposure to potential 24% reciprocal tariffs [9]. - Export-heavy industries such as technology, automotive, and shipping are noted to have higher tariff exposure, while domestic-oriented sectors like retail and food show a divergence in impact [4]. - The Bank of Japan (BOJ) is expected to remain on hold regarding interest rates, with potential adjustments depending on the outcome of US tariff negotiations [5]. Summary by Sections Tariff Exposure Analysis - Analysts identified stocks with high and low exposure to US tariffs, emphasizing the need for investors to consider these factors in their investment decisions [3][9]. - The report provides a detailed list of companies most and least exposed to US tariff impacts, categorizing them by industry [10][11]. Economic Outlook - The report discusses the potential for an economic slowdown and its implications for corporate earnings, particularly in light of US tariffs [5][9]. - The macroeconomic strategy team anticipates that the Japanese Yen (JPY) will be supported by the Federal Reserve's actions in response to a US economic slowdown [5]. Stock Recommendations - The report includes specific stock recommendations based on their exposure to tariffs, with ratings such as Equal-Weight, Underweight, and Overweight assigned to various companies [10][11].