Profit Trends - In May, industrial enterprises' profit growth rate dropped significantly to -9.1% year-on-year, down from 3% in April[1] - Revenue growth for industrial enterprises also declined to 0.8% in May from 2.6% in April, correlating with a slowdown in export growth[1] - The profit margin for industrial enterprises fell to 4.8% in May, down from 5.3% in April, indicating a negative impact from tariff policies[8] Sector Performance - State-owned and foreign enterprises saw profit declines of -18.1% and 7.3% respectively in May, while private enterprises' profit growth fell to 0.8% from 14.1% in April[6] - Upstream industries experienced a profit decline of 36.3% year-on-year, worsening from 30.8% in April, with coal and oil extraction profits dropping significantly[7] - Midstream manufacturing profits turned negative at -0.7%, down from 12.6% in April, with notable declines in electrical machinery and specialized equipment sectors[7] Economic Indicators - The overall fiscal expenditure growth rate slowed in May, indicating a decrease in fiscal expansion momentum, particularly affected by real estate cycle downturns[2] - High-frequency data showed a 6.6% year-on-year decline in commodity housing sales in major cities from May's 3.3% drop, reflecting weak real estate cycles[2] - The "trade war" uncertainties and the expiration of the "tariff exemption" period on July 9 may further disrupt external demand and profit margins for enterprises[2]

日本财务大臣加藤胜信：（在被问及穆迪下调美国债务评级一事时）将审视美国财政及货币政策对日本 经济的影响。 ...