路透社日本制造商短观指数从6月份的+6升至2025年7月的+7，标志着三个月来的首次改善。尽管对美国贸易关税的担忧挥之不去，但半导体行业的反弹在很大程度上推动了这一增长。展望未来，制造商预计将进一步改善，预计到10月市场情绪将达到+8。值得注意的是，电子机械行业指数从6月的-16攀升至7月的-4，而化学品指数从+12升至+18，几家公司将芯片需求的复苏作为关键因素。相比之下，包括日本重要汽车工业在内的运输机械行业的指数从+20大幅降至+9。一些高管将这一下降归因于25%的美国汽车关税的影响，这对出口量造成了压力，并增加了运营成本。尽管整体情绪仍然乐观，但制造商继续密切关注美国贸易政策的演变，将其视为一个潜在的风险因素。
The Reuters Tankan index for Japanese manufacturers rose to +7 in July 2025 from +6 in June, marking the first improvement in three months. The uptick was driven largely by a rebound in the semiconductor sector, despite lingering concerns over US trade tariffs. Looking ahead, manufacturers anticipate further improvement, projecting sentiment to reach +8 by October. Notably, the electronics machinery sector index climbed to -4 in July from -16 in June, while the chemicals index rose to +18 from +12, with several firms citing recovering chip demand as a key factor. In contrast, the transport machinery sector, which includes Japan’s vital automobile industry, saw its index drop sharply to +9 from +20. Some executives attributed the decline to the impact of the 25% US auto tariffs, which have weighed on export volumes and increased operational costs. While overall sentiment remains positive, manufacturers continue to closely watch evolving US trade policy as a potential risk factor.
