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A | AI摘要台商王任生返乡创业三十余载，丹尼斯集团计划未来五年再投105亿元于河南五市，布局八大消费场景，推动企业从零售向生活方式运营转型。

B | 郑州8月22日电（记者李文哲）刚刚立秋的洛阳，暑气尚未散尽，晚风里仍有一丝溽热。年逾九旬的王任生身着白色衬衣、深色西装外套，目光炯炯。

Illustration: Xia Qing/GT
The yen has weakened in recent days, edging closer to the psychologically important 160 level against the US dollar. The decline comes despite the widely watched move by Washington to join Tokyo in supporting the currency. Less than two weeks after the US-Japan intervention, the yen has given up roughly half of its gains, raising fresh questions over the effectiveness of coordinated efforts to stabilize the exchange rate.
Japan and the US had previously confirmed coordinated foreign exchange intervention to prop up the yen after the currency tumbled to a nearly 40-year low. At the time, some observers saw the move as potentially stabilizing the yen in the short term, although its longer-term impact remained uncertain.
However, the subsequent market reaction suggests that even the short-term effect may have been limited. After strengthening to about 155 per dollar in the days following the intervention from above 163, the yen had slipped back above 159 by Wednesday, less than two weeks later.
Questions have emerged over whether further support for the yen may soon be needed, and whether Washington would consider stepping in again. The previous intervention was seen by some observers as a test of market confidence: the unusual coordinated move had the potential to influence market expectations and discourage bets against the yen. But if market expectations remain largely unchanged, repeated interventions could deliver diminishing returns. The US may face a difficult trade-off. Another intervention could require greater resources and come at a higher cost, while refraining from further action could raise questions over the lasting impact of the previous effort.
Market commentary has added to the uncertainty. Axios published a report headlined "Yen's weakness shows market isn't done pushing," while some reports suggested that the impact of the US-Japan intervention was beginning to fade. Such narratives could weigh on sentiment toward the yen and reinforce market expectations that the currency's weakness may persist.
Washington's involvement in supporting the yen may reflect broader economic and policy considerations. These could include avoiding a scenario in which Japan sells US Treasury holdings to support the currency, as well as concerns that a weaker yen could give Japanese exporters a greater competitive advantage. These possible considerations suggest that the intervention alone does not fully address the underlying forces behind the yen's weakness. This may help explain why the market has so far been reluctant to view the move as a turning point for the currency.
Washington's decision to join the intervention may have reflected concerns, as some observers suggest, that the yen's prolonged weakness had begun to affect US interests. If markets remain unconvinced by the US-Japan intervention, one possible outcome is that Washington could push Japan to take more costly measures to support the yen. Such a scenario could instead create some strain between Washington and Tokyo.
Beyond short-term market dynamics, the yen's weakness also reflects deeper challenges facing the Japanese economy, making a sustained reversal difficult. The currency's prolonged weakness has been influenced by the interest rate gap between Japan and the US, while also reflecting longer-term concerns over the diminishing returns of Japan's traditional growth model.
This leaves Japan facing a delicate policy balance between supporting growth and stabilizing the currency. While lower interest rates could help boost economic activity, continued weakness in the yen may strengthen calls for Japan's central bank to consider further rate increases to narrow the interest rate gap with the US.
Japan's structural challenges mean that a sustained appreciation of the yen will not be easy to achieve. The question of whether to pursue stronger measures, even at the cost of some economic growth, has become more complicated as the US takes a role in the issue. Japan may face greater pressure to support the currency, even though doing so would be difficult and could carry broader economic costs.
The author is a reporter with the Global Times. [email protected]

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C | 这位老一辈台商回到故乡河南创业30余年，至今仍奔走在商业一线。

D | “洛阳是我的根，丹尼斯是这片土地上长出来的企业。”他缓步走上舞台，望着台下70余家品牌代表说。 1997年，祖籍河南洛阳的王任生从台湾回到故乡，在郑州人民路商圈开了第一家丹尼斯百货，一度创造“36个小时不打烊，单日营业额3.6亿元”的纪录。

E | 20世纪90年代，中原消费市场正处于从计划经济向市场经济转型的过程中。

F | 省会郑州这座“火车拉来的城市”，人口集聚效应显现，商业环境逐步开放，台资企业迎来进入大陆市场的历史契机。

G | “有了河南经济发展，才有了丹尼斯的成就。”王任生常把这句话挂在嘴边。在他看来，企业30余年的成长，深深嵌入了中原大地的发展脉络。 2025年，河南全省地区生产总值和社会消费品零售总额分别达到6.66万亿元、2.9万亿元，均同比增长5.6%，为丹尼斯加大投资提供了稳定的市场预期。适逢国家“十五五”规划开局之年，丹尼斯集团近期发布未来五年发展规划，计划投资105亿元再投河南五座城市。 2015年，总投资20亿元的郑州丹尼斯大卫城开业，定位高端精品百货，2024年销售额达到107亿元，成为河南首家“百亿商场”。大卫城总经理常瑞程介绍，得益于河南的区位优势与市场潜力，大卫城汇聚起200余家品牌各类首店，成为高端潮奢商业地标，并形成跨区域客流，实现“一店带一片”的连带效应。 8月，洛阳九州里街区品牌启幕。这个占地45亩、总建筑面积7.6万平方米、总投资7亿元的沉浸式互动街区，商业运营时段将从传统10时至22时拉长至次日凌晨，通过音乐潮玩、社交餐饮、非遗文创等业态，构建全时段消费场景。 “政策给足了，产业承接力要跟得上。”丹尼斯百货事业处总经理薄涛表示，省市两级密集出台存量商业盘活、消费提质系列政策，洛阳入选消费新业态、新模式、新场景试点城市，为像九州里这样的非标商业项目提供了重要发展窗口。根据丹尼斯集团公布的投资计划，105亿元投资将在未来五年内逐步落地，围绕夜生活、户外街区、空中主题街区、主题市集、特色市集、艺术特展、亲子家庭、绿色生态等八大场景展开布局，推动企业从商品零售向生活方式运营转变。从1997年的一家百货店，到如今拥有18家百货、70多家大卖场、500多家便利店，以及地产、物流、酒店、加工厂的综合零售集团……“丹尼斯是这片土地上长出来的企业”这句话，王任生说了30多年，也做了30多年。