美日第二轮谈完，约定5月下旬继续谈，日方威胁“美债可做一张牌”

Core Viewpoint - The article discusses the intensifying trade negotiations between Japan and the United States amid the backdrop of Trump's tariff policies, highlighting the challenges and potential strategies involved in reaching an agreement by June [1][10]. Group 1: Trade Negotiations - Japan and the U.S. aim to accelerate trade talks, with a target to reach an agreement by June, as stated by Japan's chief negotiator Akira Amari [2][10]. - The discussions include topics such as expanding bilateral trade, non-tariff measures, and economic security cooperation, with a high-level meeting planned to expedite negotiations starting mid-May [2][10]. - Despite the optimistic tone, many areas of discussion still require further specification, indicating the complexity of the negotiations [2]. Group 2: Tariff Impact - Japan is facing significant challenges due to Trump's trade policies, particularly the 25% tariffs on steel and aluminum, which began in March, and the impending automobile tariffs [4][5]. - The automobile sector, a core industry for Japan, is expected to be severely impacted by these tariffs, although recent measures by Trump have somewhat alleviated their effects [5][6]. Group 3: Strategic Leverage - Japan's Finance Minister hinted at potentially using Japan's substantial holdings of U.S. Treasury bonds as a bargaining chip in negotiations, which has raised concerns in the market [3][8]. - The possibility of leveraging U.S. debt holdings as a negotiation tactic could have unpredictable repercussions on global bond markets and the U.S. dollar [13]. Group 4: Future Outlook - The June summit between President Trump and Japanese Prime Minister Shinzo Abe is seen as a critical juncture for the negotiations, but both sides have national interests that may complicate reaching a consensus [10][12]. - Investors should be aware of the ongoing volatility risks for the yen, Japanese automotive stocks, and the broader supply chain as negotiations progress [12].