Daily Briefing · 2026-09-25

Against the backdrop of expectations for additional U.S. rate hikes, the yen has weakened, falling to the 159 yen per dollar range. Concerns are growing over rising costs for import companies and the declining valuation of yen-denominated assets held by overseas investors. Next, news from the financial industry. A system failure occurred at Rakuten Securities, and incidents were confirmed in which customer funds were unintentionally moved. Concerns over reliability are spreading. Also, Zen Toshin has gone bankrupt, resulting in a situation where card companies are obligated to make payments to customers. Rising credit costs and settlement risk across the industry as a whole are expected. In the field of corporate management, it has been learned that Kobayashi Pharmaceutical is considering taking its shares private. The focus will be on major changes to its capital structure accompanying the delisting, and a reassessment of shareholder value. In the United States, mortgage rates are moving. The 30-year fixed rate has surpassed 7%, and an increased burden on home buyers and a cooling of the housing market are expected. In the restaurant industry, there is bright news. Hidakaya and Kourakuen are increasing sales revenue and operating profit through low-price strategies and efficient management. In the retail industry, FamilyMart is moving to review treatment of part-time workers, and attention is focused on the impact on labor cost structure. In the asset management field, competition among securities firms to acquire users of Children's NISA is intensifying. Next, international affairs. A U.S.-China summit was held, with President Xi visiting the White House. If tensions continue to ease, a reduction in economic uncertainty in the Asia-Pacific region is expected. Regarding the Middle East situation, the Israeli Prime Minister made remarks in a UN speech justifying an attack on Iranian nuclear facilities, raising concerns over adverse effects on the Middle East economy and energy markets. Meanwhile, Japan is pursuing active Middle East diplomacy, aiming to secure energy supplies and stabilize regional economic investment. Regarding Japan-China relations, expectations are rising for normalization of the deteriorated economic relationship, following former Foreign Minister Iwaya's visit to China and the dispatch of an economic exchange delegation. In the technology field, the U.S.-China AI race is intensifying. The United States is accelerating AI infrastructure investment, while China has set a goal of global leadership by 2030, affecting the flow of global tech capital. As for geopolitical risk, Nauru's withdrawal from the International Criminal Court has sparked concerns over a domino effect of withdrawals. Also, a fire broke out at a Starlink-related facility in Poland, with suspicions of sabotage. Concerns are growing over the impact on Eastern European communications infrastructure. Finally, regarding the situation in Ukraine, the Russian military invasion continues, and instability in energy and food markets is expanding its negative impact on the global economy.