日本出口追踪第三期企业透露的信息（截至2025年5月16日）

The GS Japan team launched the Japan Export Tracker in April 2025, with a focus on commentary from Japanese corporates on the impact of tariffs. Following on from the first and second editions, in this third tracker we summarize commentary from corporates that announced results over May 12-16. Together, the three editions track commentary from 127 companies in our Japan tech, auto, capital goods, and retail/consumer related coverage (accounting for c.37% of TSE market cap). As before, we focus on: (1) the impact of tariffs, (2) actions taken in response to tariffs, and (3) changes in assumptions for the FY25 business environment and/or medium- to long-term strategies, including factors besides tariffs. The 10 findings/implications from the first/second trackers are largely unchanged. However, we highlight four further developments in our third tracker: Impact of tariffs by industry: We now have a clearer picture of the forecast total impact of tariffs, which comes to at least ¥4.5 tn, wit