回顾日本4月批发通胀——投入成本变化不大。日本4月份批发价格的涨幅略低于3月份。日元的小幅升值减轻了进口商品价格的通胀压力（上面链接的第一篇文章中有一个进口价格图）

Recapping Japan April wholesale inflation - cost of inputs not a lot changed.The rise in Japan's wholesale prices in April was a little less than in March. The small appreciation of JPY tooks some inflationary pressure off the price of imported goods (there is an import price graph in that first post linked above)

日经225指数下跌0.1%，至38150点左右，而更广泛的东证指数周三下跌0.4%，至2761点，与本周早些时候相比涨幅有所收窄，因为投资者在强劲反弹后锁定了利润。尽管如此，自美国总统唐纳德·特朗普于4月初宣布全面互惠关税以来，日本股市已收复所有失地，因为美中之间的贸易谈判和暂时放松关税有助于提振市场情绪。投资者还对新的经济数据做出了反应，这些数据显示，日本4月份生产者价格指数同比上涨4%，较3月份的4.2%有所放缓，为12月以来的最低水平。主要工业和汽车品牌领跌，包括川崎重工（-1%）、三菱重工（-1.2%）、索尼集团（-3.2%）和丰田汽车（-1.9%）。从好的方面来看，科技股表现优异，反映了华尔街的涨幅。值得注意的上涨股包括迪斯科（+8.3%）、Advantest（+4%）和东京电子（+2.2%）。

The Nikkei 225 Index fell 0.1% to around 38,150 while the broader Topix Index lost 0.4% to 2,761 on Wednesday, paring gains from earlier this week as investors locked in profits following a strong rally. Still, Japanese shares have recovered all the losses since US President Donald Trump announced his sweeping reciprocal tariffs in early April as trade negotiations and a temporary easing of tariffs between the US and China helped buoy market sentiment. Investors also reacted to fresh economic data showing that Japan’s producer prices rose 4% year-on-year in April, slowing from 4.2% in March and marking the weakest pace since December. Losses were led by major industrial and auto names, including Kawasaki Heavy (-1%), Mitsubishi Heavy (-1.2%), Sony Group (-3.2%), and Toyota Motor (-1.9%). On the upside, technology stocks outperformed, mirroring gains on Wall Street. Notable gainers included Disco (+8.3%), Advantest (+4%), and Tokyo Electron (+2.2%).

日元在预期的批发通胀数据公布后小幅下跌。日本的批发通胀保持稳定。如果它传导到CPI，日本央行将更倾向于加息。

Yen slipping a little after the as expected wholesale inflation data.Wholesale inflation in Japan is remaining solid. If it feeds through to CPI the Bank of Japan will, at the margin, be more inclined to hike rates.

2025年4月，日本生产者价格指数同比上涨4.0%，符合市场预期，但略低于3月份小幅修正的4.2%。这是生产者通胀的第50个月，尽管这是自12月以来的最低年通胀率。运输设备（1.6%对3月份的1.8%）、石油和煤炭（6.6%对8.8%）、电机（2.9%对3.6%）、生产机械（2.7%对3.1%）、通用机械（3.6%对5.1%）、其他制造业（2.8%对3.5%）、塑料（3.2%对3.7%）、有色金属（4.2%对12.3%）、信息（1.0%对1.6%）和面向商业的机械（1.4%对1.7%）的成本增长速度较慢。与此同时，化学品（-1.5%对-1.1%）和钢铁（-4.2%对-2.5%）的价格继续下跌。相比之下，饮料和食品（3.6%对3.4%）和金属制品（4.2%对4.1%）的成本加速增长。按月计算，生产者价格指数上涨0.2%，低于3月份0.4%的涨幅，3月份的涨幅是三个月来最大的。

Producer prices in Japan rose by 4.0% yoy in April 2025, in line with market expectations but down slightly from a marginally revised 4.2% in March. This was the 50th month of producer inflation, though it was the lowest annual rate since December. Cost rose at a slower pace for transport equipment (1.6% vs 1.8% in March), petroleum & coal (6.6% vs 8.8%), electrical machinery (2.9% vs 3.6%), production machinery (2.7% vs 3.1%), general-purpose machinery (3.6% vs 5.1%), other manufacturing (2.8% vs 3.5%), plastics (3.2% vs 3.7%), non-ferrous metals (4.2% vs 12.3%), information (1.0% vs 1.6%), and business-oriented machinery (1.4% vs 1.7%). At the same time, prices continued to fall for chemicals (-1.5% vs -1.1%) and iron & steel (-4.2% vs -2.5%). In contrast, cost accelerated for beverages & foods (3.6% vs 3.4%) and metal products (4.2% vs 4.1%). On a monthly basis, producer prices grew 0.2%, easing from a 0.4% gain in March, which had been the sharpest rise in three months.