AI 资料中心需求带动制造业个股强势：Kioxia 股价全年飙升 540%，藤仓（Fujikura）因光纤需求上升而大涨 170%，三井金属（Mitsui Mining & Smelting）在扩产等动作下股价约翻四倍。供应链与战略专案亦受追捧，例如东洋工程股价约翻四倍、三井 E&S 上涨约三倍；政府并提及造船产业投资规模可达 1 兆日圆（约 64 亿美元），加上国防支出增加，也推升相关题材热度。
利率上行让金融股成为另一条主线：日本央行在 1 月与 12 月升息，政策利率由 0.25% 升至 0.75%，长期利率也在 19 年来首次突破 2%。银行股受惠于放贷利差改善，瑞穗金融上涨 47%，三大行集团市值合计约增加 1,000 亿美元，部分地区银行股价约翻倍；但风险仍在，包括关税压力、实质工资下滑，以及面向消费者企业「营收增、获利降」的利润挤压。
Japan’s Nikkei 225 ended 2025 at a record 50,339, up 10,444 points for its biggest annual rise, as investors priced a shift from deflation to inflation and an AI-led capex cycle. Prime Minister Sanae Takaichi highlighted 17 priority investment areas (including AI and shipbuilding) aimed at easing supply constraints and strengthening economic security.
AI infrastructure demand lifted manufacturers: Kioxia surged 540%, Fujikura rose 170% on optical-fiber orders, and Mitsui Mining & Smelting roughly quadrupled after capacity-expansion moves. Supply-chain and strategic projects also rallied (Toyo Engineering roughly quadrupled; Mitsui E&S tripled), alongside talk of shipbuilding investment on the scale of 1 trillion yen ($6.4 billion) and stronger defense spending.
Rate normalization broadened the rally: the BOJ lifted the policy rate to 0.75% from 0.25% with hikes in January and December, while long-term yields topped 2% for the first time in 19 years. Banks benefited (Mizuho +47%; megabanks’ combined market value up about $100 billion, with some regional banks roughly doubling). Risks include tariffs, weak real wages, and consumers’ revenue gains but profit pressure.
