日本制造业采购经理人指数最终确定为50.1，需求仍然脆弱。

Japan's PMI manufacturing finalized at 50.1, demand still fragile.

日本央行短观发出韧性信号，维持2025年加息选择。

BoJ Tankan signals resilience, keeps 2025 hike option alive.

日经225指数下跌1%，至40100点以下，而周二更广泛的东证指数下跌0.5%，至2840点，日本股市结束了五天的连胜，因为与美国的贸易紧张局势再次加剧，影响了市场情绪。美国总统唐纳德·特朗普威胁要对日本征收新的关税，批评该国抵制进口美国大米。他还证实，由于持续的贸易不平衡，对日本汽车进口征收25%的关税将保持不变。这些警告是在关键截止日期前几天发出的，投资者正密切关注日本能否在下周恢复24%的互惠关税之前与华盛顿达成贸易协议。在数据方面，日本最新的短观调查显示，第二季度大型制造商的情绪出现了意想不到的改善，这表明尽管贸易压力越来越大，但仍有韧性。跌幅较大的包括Lasertec（-4.1%）、Disco（-1.9%）、三丽鸥（-3%）和Advantest（-1.8%）。

The Nikkei 225 Index fell 1% to below 40,100 while the broader Topix Index lost 0.5% to 2,840 on Tuesday, with Japanese shares snapping a five-day winning streak as renewed trade tensions with the US weighed on sentiment. US President Donald Trump threatened to impose new tariffs on Japan, criticizing the country’s resistance to importing American rice. He also confirmed that the 25% tariff on Japanese auto imports would remain in place, citing the persistent trade imbalance. The warnings come just days ahead of a key deadline, with investors closely watching whether Japan can reach a trade agreement with Washington before the 24% reciprocal tariff rate is reinstated next week. On the data front, Japan’s latest Tankan survey showed an unexpected improvement in sentiment among large manufacturers in the second quarter, signaling resilience despite mounting trade pressures. Notable decliners included Lasertec (-4.1%), Disco (-1.9%), Sanrio (-3%), and Advantest (-1.8%).

2025年6月，au Jibun Bank日本制造业采购经理人指数下调至50.1，低于初步估计的50.4，但高于5月的49.4，标志着该行业自2024年5月以来的首次扩张。尽管如此，在产出再次增长的支持下，最新数字是自那时以来的最高水平。就业人数也有所增加，而积压的工作却稳步下降。然而，需求状况仍然疲软，由于美国新征收的关税，6月份新订单和国外销售额再次下降。采购活动有所下降，但速度是当前九个月收缩序列中最慢的，而供应商交货时间略有延长。在价格方面，由于原材料、劳动力、能源和运输成本上涨，投入成本通胀在5月份降至14个月低点后略有加速。因此，产出价格通胀加速至三个月高点。最后，商业信心升至五个月高点。

The au Jibun Bank Japan Manufacturing PMI was revised lower to 50.1 in June 2025, down from the preliminary estimate of 50.4 but up from May’s 49.4, marking the first expansion in the sector since May 2024. Still, the latest figure was the highest since that time, supported by renewed increases in output. Employment also rose, while backlogs of work declined solidly. However, demand conditions remained subdued, with both overall new orders and foreign sales falling again in June, amid newly imposed US tariffs. Purchasing activity declined, though at the weakest pace in the current nine-month sequence of contraction, while supplier delivery times lengthened slightly. On the price front, input cost inflation accelerated slightly after easing to a 14-month low in May, due to higher costs for raw materials, labor, energy, and transport. As a result, output price inflation accelerated to a three-month high. Lastly, business sentiment improved to a five-month high.