Core Viewpoint - The long-term depreciation of the Japanese yen, which began in 2022 and continues into 2025, is primarily driven by underlying issues in Japan's trade balance rather than just interest rate differentials between the US dollar and the yen [6]. Group 1: Trade Balance Analysis - Japan's trade balance statistics reveal a disconnect from actual cash flows, indicating that Japan has entered a trade deficit when considering the "digital deficit" issue [6]. - The reliance on US IT giants, high costs of overseas insurance and pension services, and stagnation in domestic R&D capabilities are significant economic problems affecting Japan's international trade [6]. Group 2: Currency and Cash Flow Dynamics - The fluctuations in exchange rates reflect the movement of cash flows, which helps to understand the complex dynamics of global trade and the competition between nations [6].