橡胶 (Rubber) 加自选

日本央行季度短观调查显示了一幅建设性的图景。在行业巨头博通的销售前景未能达到（过高的）预期后，人工智能估值压力在本季度第二次出现。上周早些时候，甲骨文因延迟完成数据中心而受到惩罚。

BoJ's Quarterly Tankan Survey Shows a Constructive Picture.AI valuation stress kicks in for the second time this quarter after industry giant Broadcom's sales outlook failed to live up to (outsized) expectations. Earlier last week, Oracle got punished for delay in completing data centers.

美元/日元–2025年12月15日。美元兑日元保持在156.15阻力位以下，该阻力位迄今已跌至155.35。市场仍有可能在154.90至156.15之间形成交易区。

USD/JPY – 15.12.2025.USDJPY held below the 156.15 resistance which managed to cause a drop towards 155.35 so far. The market is still showing the chance for a trading zone between 154.90 and 156.15.

消费和投资进一步走弱，中国数据令人失望。中国11月的经济活动数据显示，经济形势普遍弱于预期。工业生产同比增长4.8%，低于5.0%的增长预期，为2024年8月以来的最低增速。

China data disappoints as consumption and investment weaken further.China's November activity data delivered a broadly weaker-than-expected picture. Industrial production rose 4.8% yoy, missing expectations for 5.0% growth and marking the weakest pace since August 2024.

日本短观：随着企业吸收关税影响，制造业情绪有所改善。日本第四季度短观调查为经济提供了广泛的支持信号，增强了人们对日本央行将继续进行利率正常化的预期。大型制造业指数从14升至15，符合预期，标志着连续第三个季度有所改善，是自2021年12月以来的最强读数。

Japan Tankan: Manufacturing sentiment improves as firms absorb tariff impact.Japan's Q4 Tankan survey delivered a broadly supportive signal for the economy, reinforcing expectations that the BoJ will proceed with rate normalization. The large manufacturing index rose from 14 to 15, in line with expectations, marking a third consecutive quarterly improvement and the strongest reading since December 2021.