Core Viewpoint - The article discusses the high premium risk associated with Nikkei 225 ETFs in the A-share market, highlighting the ongoing net inflow despite a recent decline in the Nikkei 225 index. It emphasizes the potential short-term economic boost from Japan's new fiscal stimulus plan, while also warning about the risks of inflation detachment and increased volatility in risk assets due to the lack of monetary policy normalization support [1][3][5]. Group 1: High Premium Risk - Four Nikkei 225 ETFs in the A-share market have issued high premium risk warnings, with the E Fund's Nikkei 225 ETF showing a premium of 5.12% as of November 25 [3]. - Other ETFs also reported high premium rates, with the Huashan Mitsubishi Nikkei ETF at 7.31%, and others at 5.78% and 6.21% [3]. - Despite a cumulative net asset value drop of over 8% for these ETFs in November, their total shares increased by 62.5 million, indicating strong investor interest [3]. Group 2: Economic Stimulus and Market Volatility - Japan's government announced a supplementary budget of 21.3 trillion yen, approximately 3% of GDP, which is expected to provide a short-term boost to economic growth [5]. - However, there are concerns that without monetary policy normalization, this fiscal stimulus could exacerbate inflation risks and increase the risk premium in the bond market, leading to heightened volatility in risk assets [5]. - The recent strong performance of the Japanese market may face increased short-term volatility due to geopolitical tensions and influences from the U.S. stock market [5].

Core Viewpoint - The Japanese stock market has shown a rebound, with the Nikkei 225 index rising by 1.85% to close at 49,559.07 points on November 26. This rebound occurs despite a recent correction from its peak, and there are concerns regarding high premium risks associated with Nikkei 225 ETFs in the A-share market [1][2]. Group 1: Market Performance - On November 26, the Nikkei 225 index closed at 49,559.07 points, reflecting a 1.85% increase [1]. - Despite a decline of over 8% in the net value of four Nikkei 225 ETFs during the month, these funds have seen a cumulative increase of 62.5 million shares [3]. Group 2: Economic Stimulus and Risks - The Japanese government has introduced a supplementary budget of 21.3 trillion yen, approximately 3% of GDP, which is expected to boost economic growth in the short term [4]. - However, there are warnings from Huatai Securities that the lack of monetary policy normalization support for this fiscal stimulus could increase the risk of inflation detachment, potentially raising the risk premium in the bond market and leading to higher volatility in risk assets [2][4]. Group 3: ETF Premium Risks - The E Fund's Nikkei 225 ETF reported a closing price of 1.806 yuan per share on November 25, with a premium of 5.12% over the reference net asset value [3]. - Other Nikkei 225 ETFs also exhibited high premium rates, with the Huazhong Mitsubishi Nikkei ETF at 7.31%, and others at 5.78% and 6.21% [3]. Group 4: Market Volatility Factors - The weakening yen has supported the export-oriented Tokyo Stock Exchange index, contributing to its performance in the third quarter [4]. - Concerns regarding a potential slowdown in the U.S. economy are viewed as a significant challenge for Japanese corporate earnings growth [4].

日本股债又跳了！ 美股的爆发并没有令日本股市出现太大的修复。今天（11月25日），日经225指数一度反弹超1%，但随 即转向跳水。而日本十年期国债收益率再度飙升至1.8%上方。 更值得关注的是，日本资本巨头软银迎来了大暴跌。该股周二暴跌至两个半月低点，在前一个交易日下 跌10.9%之后，该股周二跌幅一度高达11%。受此影响，韩国股指亦出现显著回落。 那么，究竟发生了什么？影响又有多大？ 日本市场再度生变 日经225指数早盘高开高走，一度飙升超1%。但日本时间午后开始跳水，一度翻绿，后略有回稳，截至 收盘涨0.07%，报48659.52点。 这其中，软银的暴跌可能带来了巨大拖累。继上一个交易日大跌之后，该股今天一度暴跌达11%，截至 收盘大跌近10%。原因是人们担心Alphabet最新的双子座人工智能模型可能会加剧对软银关键投资 OpenAI的竞争。 三菱UFJ eSmart证券公司的高桥努·山田表示，谷歌的Gemini 3获得好评后，OpenAI的竞争环境将变得更 加激烈，这种担忧对股票造成了冲击。 值得关注的是，最近困扰全球市场的日本国债市场今天再度杀跌。日本10年期国债收益率再度飙至 1.8%上方。30年 ...

日本股债又跳了！ 美股的爆发并没有令日本股市出现太大的修复。今天（11月25日），日经225指数一度反弹超1%，但随即转向跳水。而日本十年期国债收益率再度飙升至1.8%上 方。 更值得关注的是，日本资本巨头软银迎来了大暴跌。该股周二暴跌至两个半月低点，在前一个交易日下跌10.9%之后，该股周二跌幅一度高达11%。受此影响，韩 国股指亦出现显著回落。 日经225指数早盘高开高走，一度飙升超1%。但日本时间午后开始跳水，一度翻绿，后略有回稳，截至收盘 涨0.07%，报48659.52点 。 这其中，软银的暴跌可能带来了巨大拖累。继上一个交易日大跌之后，该股今天一度暴跌达11%，截至收盘大跌近10%。原因是人们担心Alphabet最新的双子座人 工智能模型可能会加剧对软银关键投资OpenAI的竞争。 三菱UFJ eSmart证券公司的高桥努·山田表示，谷歌的Gemini 3获得好评后，OpenAI的竞争环境将变得更加激烈，这种担忧对股票造成了冲击。 值得关注的是，最近困扰全球市场的日本国债市场今天再度杀跌。日本10年期国债收益率再度飙至1.8%上方。30年期日本国债收益率上涨0.5个基点，至3.325%。 受日本股 ...