日本养老金巨头GPIF以500亿日元的拨款启动国内另类投资。日本政府养老投资基金（GPIF）是世界上最大的退休基金，首次开始自行选择国内另类资产基金，不再依赖外部资产管理公司。根据最近公布的文件，该基金将拨款500亿日元（3.4亿美元），其中400亿日元用于数据中心等基础设施，100亿日元用于房地产。

Japan pension giant GPIF starts domestic alternative investing with ¥50bn allocation.Japan's Government Pension Investment Fund (GPIF), the world's largest retirement fund, has begun selecting domestic alternative asset funds on its own for the first time, shifting away from relying on external asset managers. The fund will allocate ¥50 billion ($340 million) — with ¥40 billion earmarked for infrastructure such as data centers and ¥10 billion for real estate — according to recently published documents.

日本8月出口接近持平，-13.8%美国暴跌，其他市场持平。日本8月贸易逆差收窄至-2425亿日元，低于预期的-5136亿日元，出口表现优于预期。整体出口同比仅下降0.1%，至8425B日元，超过了同比下降1.9%的预期。

Japan August exports near flat, -13.8% US plunge balanced by other markets.Japan's trade deficit narrowed in August to JPY -242.5B, smaller than expectations for JPY -513.6B, as exports outperformed forecasts. Overall exports dipped just 0.1% yoy to JPY 8425B, beating projections for a 1.9% yoy decline.

回顾：日本出口连续第四个月下降，美国关税对汽车和芯片设备打击最大。8月份，日本出口连续第四个月下降，因为美国关税上调对汽车制造商和制造商造成了沉重压力。对美国的出口同比下降13.8%，为2021年初以来的最大跌幅，汽车下降28.4%，芯片制造设备下降近39%。

Recap: Japan's exports fall for 4th month, US tariffs hit autos and chip equipment hardest.Japan's exports fell for a fourth straight month in August as higher U.S. tariffs weighed heavily on automakers and manufacturers. Exports to the U.S. plunged 13.8% year-on-year, the sharpest drop since early 2021, with automobiles down 28.4% and chipmaking equipment tumbling nearly 39%.

周三，疲软的贸易数据重新引发了人们对日本出口依赖型经济的担忧，日元兑美元汇率跌至146.6左右。8月份出口下降0.1%，低于预期，但仍是连续第四个月下降，主要原因是对美国的出口下降13.8%。进口收缩5.2%，较7月份7.4%的下滑有所缓和，但超过了分析师预测的4.1%的下降。在货币政策方面，日本央行预计将把利率稳定在0.5%，因为政策制定者正在权衡包括关税在内的国内外风险。尽管如此，在美联储做出政策决定之前，美元走软，日元徘徊在两个月高点附近。人们普遍预计美联储将在今天晚些时候降息25个基点，市场预计到年底将放宽约67个基点。

The Japanese yen slipped to around 146.6 per dollar on Wednesday after soft trade data reignited concerns over Japan’s export-reliant economy. Exports fell 0.1% in August, less than expected but still the fourth consecutive monthly decline, led by a 13.8% drop in shipments to the US. Imports contracted 5.2%, moderating from July’s 7.4% slide yet surpassing the 4.1% decline forecast by analysts. On monetary policy, the Bank of Japan is expected to keep rates steady at 0.5% as policymakers weigh domestic and external risks, including tariffs. Still, the yen hovered near two-month highs as the dollar softened ahead of the Federal Reserve’s policy decision. The Fed is widely expected to deliver a quarter-point cut later today, with markets pricing in about 67 basis points of easing by year-end.