南非兰特/日元 (ZARJPY) 加自选

日经225指数上涨0.28%，收于35726点，而更广泛的东证指数周三下跌0.43%，收于2650点，日本股市在美国实施新关税之前普遍持谨慎态度，难以确定方向。唐纳德·特朗普总统将对对美国商品征税的国家征收互惠关税，并对汽车进口征收额外关税，这对日本的主要出口部门构成风险。本周早些时候的数据显示，日本第一季度商业情绪减弱，反映出人们对美国关税对该国出口导向型经济的潜在影响的担忧。投资者现在等待周五的家庭支出数据，以获得进一步的经济见解。三菱重工（+2.4%）、藤仓（+2.3%）和Advantest（+2.6%）领涨，而三菱UFJ（-1.5%）、索尼集团（-2%）和Lasertec（-2.7%）则大幅下跌。

The Nikkei 225 rose 0.28% to close at 35,726, while the broader Topix Index slipped 0.43% to 2,650 on Wednesday, with Japanese shares struggling for clear direction as caution prevailed ahead of the implementation of new US tariffs. President Donald Trump is set to impose reciprocal tariffs on countries that levy duties on US goods, along with additional levies on car imports—posing risks to Japan’s key export sector. Data earlier this week showed that Japanese business sentiment weakened in the first quarter, reflecting concerns over the potential impact of US tariffs on the country’s export-driven economy. Investors now await household spending data on Friday for further economic insights. Notable gainers included Mitsubishi Heavy (+2.4%), Fujikura (+2.3%), and Advantest (+2.6%), while sharp losses were seen in Mitsubishi UFJ (-1.5%), Sony Group (-2%), and Lasertec (-2.7%).

周三，日本10年期政府债券收益率跌至1.5%以下，创四周新低，因为对即将到来的美国关税的担忧推动了对避险资产的需求。唐纳德·特朗普总统将对对美国商品征税的国家征收互惠关税，并对汽车进口征收额外关税，这对日本的主要出口部门构成风险。与此同时，日本央行行长上田和夫警告称，美国的新关税可能会对全球贸易和经济增长产生重大影响。早些时候的数据显示，由于对美国贸易政策对日本出口导向型经济的影响日益担忧，日本第一季度商业情绪减弱。尽管预计日本央行今年将进一步加息，但全球贸易的不确定性和国内经济挑战继续给前景蒙上阴影。

Japan’s 10-year government bond yield dropped below 1.5% on Wednesday, hitting a four-week low as concerns over upcoming US tariffs fueled demand for safe-haven assets. President Donald Trump is set to impose reciprocal tariffs on countries that levy duties on US goods, along with additional levies on car imports—posing risks to Japan’s key export sector. Meanwhile, Bank of Japan Governor Kazuo Ueda warned that the new US tariffs could significantly impact global trade and economic growth. Earlier data showed that Japanese business sentiment weakened in the first quarter amid mounting concerns over the effects of US trade policies on the country’s export-driven economy. While the BOJ is expected to raise interest rates further this year, global trade uncertainties and domestic economic challenges continue to cloud the outlook.

高盛认为日元多头是对冲美国经济衰退和关税风险的最佳选择。高盛最近修改了其对美国的展望，将美联储的三次降息纳入其中，理由是特朗普总统预期的关税可能会拖累经济。

Goldman Sachs sees yen longs as the best hedge against US recession and tariff risks.Goldman recently revised its U.S. outlook to include three Fed rate cuts, citing the likely economic drag from President Trump's expected tariffs.

周三，日元兑美元汇率稳定在149.8左右，本周保持横盘整理，因为投资者正在为美国总统唐纳德·特朗普的最新一轮关税做准备。特朗普将对对美国商品征收关税的国家征收互惠关税，并对汽车进口征税，这可能会影响日本的主要出口行业。与此同时，日本央行行长上田和夫警告称，美国的新关税可能会对全球贸易和经济增长产生重大影响。本周早些时候的数据显示，日本第一季度的商业情绪减弱，人们越来越担心美国关税对其出口导向型经济的潜在影响。尽管预计日本央行将在今年晚些时候加息，但对全球贸易和国内经济不确定性的担忧继续笼罩着前景。

The Japanese yen held steady at around 149.8 per dollar on Wednesday, remaining sideways for the week as investors prepared for US President Donald Trump’s latest round of tariffs. Trump is set to impose reciprocal tariffs on countries that impose duties on US goods, as well as levies on car imports, which could impact Japan’s key export industry. Meanwhile, Bank of Japan Governor Kazuo Ueda warned that the new US tariffs could significantly affect global trade and economic growth. Data earlier this week showed that business sentiment in Japan weakened during the first quarter, with growing concerns over the potential impact of US tariffs on its export-driven economy. Although the BOJ is expected to raise interest rates later this year, concerns about global trade and domestic economic uncertainty continue to cloud the outlook.