美元/日元下跌：日元获得避险吸引力。周二，美元/日元对连续第二个交易日下跌，日元兑美元汇率升至147.19日元左右。此举反映出美元普遍疲软，以及对美联储即将降息的预期日益增长。

USD/JPY Declines: Yen Gains Safe-Haven Appeal.The USD/JPY pair fell for a second consecutive session on Tuesday, with the Japanese yen strengthening to around 147.19 JPY per US dollar. The move reflects broad-based USD weakness and growing expectations of imminent Federal Reserve rate cuts.

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The Nikkei 225 rose 0.3% to close at 44,902 while the Topix gained 0.25% to 3,168 on Tuesday, with Japanese stocks hitting fresh record highs as they tracked Wall Street’s advance ahead of an expected US Federal Reserve rate cut. Sentiment was also lifted after President Donald Trump said US-China trade talks in Spain were progressing, with a call between Trump and Chinese President Xi Jinping scheduled for Friday to finalize terms. Domestically, the Bank of Japan is expected to keep its policy rate at 0.5% this week as officials weigh the impact of US tariffs on Japan’s export-driven economy. Technology stocks led gains, with Disco up 8.2%, Advantest 1.3%, Kioxia Holdings 6%, Tokyo Electron 1.9% and Lasertec 1.4%.

特朗普政府表示，根据两国之间的贸易协议，美国将从周二开始对日本汽车和汽车零部件实施较低的15%关税。美国海关指南确认，该税率将适用于2025年9月16日美国东部时间凌晨12:01之后从日本进口的“乘用车、轻型卡车和汽车零部件”。本月早些时候，特朗普总统签署了一项命令，将大多数日本产品的关税上限从27.5%降至15%，此前东京敦促华盛顿履行其削减汽车税的承诺，汽车是日本经济的关键支柱。汽车工业是日本对美国最大的出口部门，也是就业和工资的驱动力。作为更广泛协议的一部分，日本承诺建立一个5500亿美元的美国投资基金，尽管其融资问题仍然存在。商务部长霍华德·卢特尼克警告称，如果日本不支持特朗普的投资计划，可能会面临更高的进口税。

The U.S. will start implementing a lower 15% tariff on Japanese automobiles and auto parts from Tuesday, in line with a trade deal between the two nations, the Trump administration said. U.S. Customs guidance confirmed the rate will apply to “passenger vehicles and light trucks and automobile parts” from Japan entered for consumption after 12:01 a.m. EDT on September 16, 2025. Earlier this month, President Trump signed an order capping tariffs on most Japanese products at 15%, down from 27.5%, after Tokyo pressed Washington to honor its commitment to cut levies on autos, a key pillar of Japan’s economy. The auto industry is Japan’s largest export sector to the U.S. and a driver of jobs and wages. As part of the broader deal, Japan pledged to establish a USD 550 billion U.S. investment fund, though questions remain over its financing. Commerce Secretary Howard Lutnick warned Japan could face higher import taxes if it fails to back Trump’s investment plans.

周二，日本10年期政府债券收益率攀升至1.6%左右，投资者从长假中归来，并期待日本央行本周的政策决定。外界普遍预计日本央行将把利率维持在0.5%不变，因为官员们正在评估美国关税对日本出口导向型经济的影响。贸易商也在等待新的国内数据，预计进出口将保持疲软，核心CPI预测将放缓至2.7%，为2024年11月以来的最低水平。从外部来看，市场正在为美联储周三的预期降息做准备，这得益于最近劳动力市场降温和美国通胀疲软的迹象。

Japan’s 10-year government bond yield climbed to around 1.6% on Tuesday as investors returned from an extended holiday and looked ahead to the Bank of Japan’s policy decision this week. The BOJ is widely expected to keep rates unchanged at 0.5% as officials assess the impact of US tariffs on Japan’s export-driven economy. Traders are also awaiting fresh domestic data, with exports and imports expected to remain weak and core CPI forecast to slow to 2.7%, the lowest since November 2024. Externally, markets are preparing for an expected US Federal Reserve rate cut on Wednesday, supported by recent signs of a cooling labor market and subdued inflation in the US.