日经225指数周四上涨0.1%，至39800点左右，结束了连续两天的下跌，对贸易发展的乐观情绪有助于稳定市场情绪。日本当局重申，他们致力于与美国达成“双赢”的贸易协定，但没有提供可能做出让步的具体细节。美国总统唐纳德·特朗普加大了对东京的压力，称谈判“非常艰难”，并威胁要将日本进口关税提高到35%，理由是对日本有限购买美国大米和汽车的不满。更令人乐观的是，美国与越南达成了一项贸易协议，其中包括对来自该国的进口商品征收20%的关税，低于4月份征收的46%。主要科技和电子产品公司领涨，包括藤仓（+1.5%）、东京电子（+1%）、Advantest（+1.1%）、任天堂（+0.9%）和Socionext（+2.8%）。

The Nikkei 225 rose 0.1% to around 39,800 on Thursday, snapping a two-day losing streak as optimism over trade developments helped steady market sentiment. Japanese authorities reiterated their commitment to pursuing a “win-win” trade agreement with the US, though they provided no specifics on possible concessions. US President Donald Trump ramped up pressure on Tokyo, calling negotiations “really hard” and threatening to raise tariffs on Japanese imports to as high as 35%, citing dissatisfaction with Japan’s limited purchases of US rice and automobiles. Adding to the optimism, the US finalized a trade deal with Vietnam that includes a 20% tariff on imports from the country—down from the 46% rate imposed in April. Gains were led by major tech and electronics names, including Fujikura (+1.5%), Tokyo Electron (+1%), Advantest (+1.1%), Nintendo (+0.9%), and Socionext (+2.8%).

2025年6月，au Jibun Bank Japan服务业采购经理人指数从初步估计的51.5上调至51.7，此前5月份的最终读数为51.0。这标志着服务业连续第三个月扩张，新订单增长加快，海外销售额小幅增长，尽管这是2025年迄今为止增长最疲软的一个月。公司继续扩大员工队伍，积压的工作越来越多。尽管幅度不大，但最近的就业增长是自1月以来最明显的。在价格方面，投入成本通胀降至六个月低点。与此同时，随着企业将支出转嫁给客户，产出价格上涨，这是14个月来最明显的上涨。展望未来，商业信心改善至四个月高点，并高于系列平均水平，这得益于对更高活动、员工招聘和新产品推出的预测。

The au Jibun Bank Japan Services PMI was revised higher to 51.7 in June 2025, up from 51.5 in the preliminary estimate and following a final reading of 51.0 in May. This marked the third consecutive month of expansion in the services sector, supported by a faster rise in new orders and a modest increase in overseas sales, though the softest growth in 2025 so far. Firms continued to expand their workforce, and backlogs of work accumulated. Though modest, the latest increase in employment was the most marked since January. On the price front, input cost inflation eased to a six-month low. Meanwhile, output prices increased as firms passed on expenses to clients, marking the most pronounced rise in 14 months. Looking ahead, business sentiment improved to a four-month high and rose above the series average, supported by forecasts of higher activity, staff hiring, and the rollout of new products.

2025年6月，au Jibun Bank Japan综合采购经理人指数为51.5，略高于51.4的初步估计，高于上个月的50.2。这标志着私营部门活动连续第三个月扩张，也是自2月以来最强劲的步伐，这是由制造业的再次增长（自2024年5月以来的首次）和服务业的持续增长推动的。新订单总额连续第二个月小幅增长，但新出口销售额进一步下降。与此同时，就业人数出现了近一年来的最大增幅。在成本方面，投入价格通胀降至15个月低点，但仍处于高位，导致平均产出费用比5月份更快上涨。最后，在强劲的招聘和新产品推出的支持下，商业情绪有所改善。

The au Jibun Bank Japan Composite PMI stood at 51.5 in June 2025, slightly above the flash estimate of 51.4 and up from 50.2 in the previous month. This marked the third consecutive month of expansion in private sector activity and the strongest pace since February, driven by a renewed uptick in manufacturing—the first since May 2024—and continued growth in services for a third month. Total new orders rose modestly for the second straight month, though new export sales declined further. Meanwhile, employment saw its sharpest increase in nearly a year. On the cost front, input price inflation eased to a 15-month low but remained elevated, leading to a quicker rise in average output charges compared to May. Lastly, business sentiment improved, supported by strong hiring and the rollout of new products.

尽管就业市场数据疲软，美元仍试图反弹：欧元/美元、英镑/美元、美元/加元、美元/日元分析。尽管ADP就业变化报告疲软，但美元仍有所上涨。

U.S. Dollar Tries To Rebound Despite Weak Job Market Data: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY.The American currency gained some ground despite the weak ADP Employment Change report.