Group 1 - The overall appreciation of the yen since the beginning of the year is primarily due to the depreciation of the dollar, with the yen's depreciation against other currencies being minimal [1] - The exchange rate of the yen against the dollar hovers around 145 yen per dollar, indicating that the depreciation of the yen has not completely ended, rooted in Japan's economic weaknesses [1] - The acquisition of U.S. Steel by Nippon Steel, completed on June 18 for approximately $14.1 billion (about 2 trillion yen), has been a focal point in the foreign exchange market, influencing yen transactions [1][2] Group 2 - The depreciation of the yen since 2021 is attributed to "structural yen selling," driven by Japanese companies' direct investments abroad, such as mergers and acquisitions [3] - Japan's net direct investment abroad reached a historical high of 32 trillion yen for the fiscal year 2024, with monthly foreign investments averaging 2.6 trillion yen, significantly outpacing domestic investments [3] - The potential growth rate of Japan's economy is around 0%, with an average real GDP growth rate of 0.5% over the past decade, which is notably low among G7 countries [5] Group 3 - The share of mergers and acquisitions in Japan's domestic direct investment is only about 40%, lower than the approximately 60% seen in developed countries, indicating a sluggish growth in domestic investments [4] - The Japanese government aims to increase the balance of direct investment in Japan to 150 trillion yen, highlighting the need for attracting foreign capital back to Japan [3]

日元年初以来整体升值的走势主要是由于美元自身在贬值，兑其他货币的升值微乎其微。"结构性 日元抛售"是原因之一，其中根深蒂固的是日企为了开展海外业务而进行的直接投资…… 日元对美元汇率徘徊在1美元兑145日元区间，超过150日元的日元贬值局面似乎已经结束。但这 仅仅是美元贬值推高了日元汇率，日元贬值局面还没有完全结束。其根源在于"日本的弱势"，能 否改变这一点将左右日元贬值的真正扭转。 道富环球投资管理（State Street Global Advisors）的首席投资官（CIO）新原谦介指出，"最近 几年美元实际汇率处于在历史上也偏高的状态。特朗普总统就任后，美元有了"卖出的理由"，美 元升值的调整开始"。 日元兑美元以外货币的升值微乎其微。日元兑欧元汇率6月20日创出2024年7月以来的低水平， 对兑士法郎和新台币也处于2025年初以来的低水平。 日本银行（央行）1月进行了加息。加息通常会引起货币升值。在此期间，投机资金的日元买入 膨胀至历史最高水平，但"日元对美元以外的汇率却不可思议地并未升值"（另一位日系银行的经 纪人）。 导致2021年以后日元贬值的"结构性日元抛售"是原因之一。其中根深蒂固的是日铁 ...