券商中国·2025-08-08 02:13Core Viewpoint - The nomination of Stephen Milar by President Trump to the Federal Reserve Board suggests a shift towards a more dovish stance by the Fed, potentially leading to a depreciation of the US dollar [3][5]. Group 1: Federal Reserve Nomination - President Trump nominated Stephen Milar, the current chairman of the White House Council of Economic Advisers, to fill a vacant position on the Federal Reserve Board, with a term ending on January 31, 2026 [3]. - Milar has a history of supporting Trump's calls for interest rate cuts and has previously served as a senior economic policy advisor at the Treasury during Trump's first term [4]. - The nomination requires Senate confirmation, which is expected to take 4 to 8 weeks, indicating that the new appointee may not participate in the upcoming FOMC meeting in September [4][5]. Group 2: Market Reactions - Following the Fed's dovish signals, the Japanese stock market saw significant gains, with the TOPIX index rising 1.5% to surpass 3000 points, marking a historical high [2][6]. - SoftBank Group's stock surged over 12% after reporting a net profit of 421.82 billion yen for the first quarter, significantly exceeding market expectations [6]. - Sony's stock increased over 6%, with the company raising its full-year profit guidance after reporting a 36% year-on-year increase in operating profit for the first quarter [7]. Group 3: Trade Relations and Tariffs - Japan's trade negotiations with the US are ongoing, with Japanese officials expressing concerns over the implementation of tariffs that exceed previously agreed rates [8]. - The US has committed to correcting administrative orders that could lead to higher tariffs on Japanese goods, which could impact market sentiment [7][8].