分类： business

TOKYO — The past year has painted a paradoxical picture for the US dollar, leaving analysts divided on its trajectory. On one hand, the dollar remains a dominant force in global currency markets, with the latest data from the Bank for International Settlements (BIS) revealing its involvement in 89% of all foreign exchange transactions. This statistic underscores the dollar’s entrenched position as the world’s primary reserve currency, seemingly immune to challenges. On the other hand, the Chinese yuan’s growing influence, now accounting for 8.5% of global transactions, has sparked concerns about the dollar’s long-term supremacy. This rise in the yuan’s share is seen by some as a potential threat to Washington’s financial dominance. The situation is further complicated by the global foreign exchange market’s apparent indifference to the United States’ deteriorating economic fundamentals. Despite mounting debt, inflationary pressures, and political instability, traders continue to favor the dollar, highlighting its unique role in the global financial system. As the yuan gains traction, the question remains: Is the dollar’s hegemony unassailable, or is it on the brink of a gradual decline?

Japan is currently experiencing a significant shortage of Asahi products, including beer and bottled tea, as the global beverage giant struggles with the aftermath of a severe cyber-attack. The attack has disrupted Asahi’s ordering and delivery systems, forcing most of its factories in Japan to halt operations since Monday. This disruption has led to widespread supply chain issues, affecting both consumers and retailers across the country. Major convenience store chains, including FamilyMart and Lawson, have issued warnings to customers about potential shortages of Asahi products. FamilyMart, one of Japan’s largest convenience store chains, announced on Thursday that it has temporarily suspended orders and shipments of Asahi products, with no clear timeline for resumption. The retailer also expressed regret for the inconvenience caused and assured customers that it is collaborating with Asahi to restore product availability. Lawson, another prominent Japanese retailer, has similarly anticipated shortages and is preparing to stock alternative products to mitigate the impact on consumers. Asahi, Japan’s largest brewer and owner of international brands such as Peroni, Pilsner Urquell, and Grolsch, has confirmed that the cyber-attack has primarily affected its domestic operations. The company has assured that there is no evidence of a data breach involving customer information. However, the timeline for restoring normal operations remains uncertain as investigations into the cause of the attack continue. Japan accounts for approximately half of Asahi’s total sales, making the disruption particularly significant for the company. The incident underscores the growing vulnerability of global businesses to cyber threats and the potential impact on supply chains and consumer markets.

Elon Musk’s SpaceX, a cornerstone of U.S. aerospace and defense, has reportedly accepted direct investments from Chinese investors, according to recently unsealed court testimony. This revelation, disclosed during a legal case involving a major SpaceX investor, Iqbaljit Kahlon, has ignited fresh debates over foreign ownership in one of America’s most critical military contractors. While Chinese investment in U.S. defense contractors is not prohibited, it is tightly regulated due to national security implications. Kahlon’s testimony, though not detailing the extent or identities of the Chinese investors, confirms their presence on SpaceX’s capitalization table, a list of shareholders. This marks the first acknowledgment of direct Chinese investment in the privately held company, which has long kept its ownership structure under wraps. Previously, Chinese investors were known to hold indirect stakes in SpaceX through intermediary funds. The disclosure has raised alarms among national security experts, who warn that such investments could provide China with access to sensitive information, potentially compromising U.S. security. SpaceX, which has secured significant government contracts, including those with NASA and the Pentagon, has not commented on the matter. The testimony emerged from a Delaware court case involving Kahlon, who has facilitated investments in SpaceX for wealthy individuals worldwide, including those from China. The U.S. government’s growing concerns over Chinese investments in sensitive industries have led to increased scrutiny, with House Democrats urging the Department of Defense to investigate SpaceX’s investment practices. Despite these concerns, SpaceX’s valuation continues to soar, with Musk’s 42% stake estimated at $168 billion, solidifying his position among the world’s wealthiest individuals.

China’s equity markets have experienced one of their most significant rallies in recent years, with a combined market capitalization increase exceeding US$3 trillion across mainland China and Hong Kong. The CSI 300 index has soared by approximately 16% in 2025, while technology indices have reached their highest levels in a decade. This surge is primarily driven by retail investors, who, bolstered by substantial savings and state-backed liquidity support, are leading the charge. Despite slowing industrial output growth and underwhelming retail sales figures, investors are focusing on China’s long-term economic transformation, shifting away from property dependence toward innovation, advanced manufacturing, and green technology. This rally is distinct from previous speculative cycles, reflecting a deeper confidence in structural reforms and the government’s strategic direction. Individual investors dominate trading volumes, accounting for nearly 90% of daily flows, while Beijing’s efforts to deepen capital markets through policy support and foreign participation are further fueling the momentum. Although certain sectors, such as biotech and AI-linked firms, appear overvalued, the overall rally is seen as a sign of capital aggressively seeking exposure to China’s future economic drivers. The state’s active role in guiding this transition underscores the rally’s sustainability, with measures like widening access to stock options and strengthening market infrastructure laying the groundwork for long-term institutional participation. While caution is advised due to macroeconomic uncertainties and external pressures, the rally signals investors’ belief in China’s ability to reinvent its growth model. If reforms translate into tangible results, this surge could mark the early stages of a transformative economic evolution.

China has escalated its pricing dispute with BHP Group by instructing domestic steel mills and trading firms to suspend all new purchases of the Australian mining giant’s iron ore cargoes. This move, reported by Bloomberg on Monday, has sent ripples through global commodity markets and intensified pressure on Australia’s mining industry. The directive was issued by China Mineral Resources Group (CMRG), a state-owned entity established in July 2022 to centralize iron ore imports. CMRG has urged major Chinese steelmakers and traders to halt purchases of BHP’s dollar-denominated seaborne iron ore, effectively freezing new contracts and impacting shipments already en route from Australian ports. Only a limited volume of BHP cargoes already in China remains tradable. The decision follows a series of failed negotiations between Chinese and Australian representatives last week, with neither CMRG nor BHP providing public comments. The impasse stems from disagreements over pricing models, with BHP advocating for an annual pricing system tied to the 2024 Platts average ($109.50 per metric ton), while Chinese buyers pushed for quarterly terms linked to lower spot prices. Since September, CMRG has already advised domestic steelmakers to cease purchasing BHP’s high-grade Jimblebar fines due to stalled long-term contract talks. This has led Chinese buyers to explore alternative sources, including Brazil and Guinea’s Simandou region, where Chinese investments are expected to yield significant iron ore production starting this November. Analysts argue that China’s reliance on Australian iron ore, which accounts for 40% of its imports, has left it vulnerable in pricing negotiations. The Simandou project, once fully operational, is projected to supply 120 million tonnes annually, reducing China’s dependence on Australian sources. The dispute underscores broader concerns about pricing power and transparency in global iron ore markets, with Chinese media criticizing the influence of Western capital in shaping Platts benchmarks. The situation also recalls the 2009 case of Stern Hu, a former Rio Tinto executive accused of spying on China’s steel industry, which reportedly weakened China’s bargaining position in past negotiations.