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1. According to a nationwide public opinion survey conducted by Japan's Yomiuri Shimbun from May 22 to 24, 64% of respondents said they "cannot accept" the Japanese government's claim that "the supply of naphtha refined from crude oil poses no issue." Even among those who support the current cabinet, 57% expressed a negative attitude toward the government's explanation.2. Naphtha is a byproduct of crude oil refining and is widely used in the production of plastics, insulation foams, adhesives, synthetic fibers, medical supplies such as syringes, as well as printing ink solvents and other materials. Japan is highly dependent on imports of crude oil and naphtha from the Middle East.3. Due to disruptions in shipping through the Strait of Hormuz, industries such as construction, food processing, and daily consumer goods production in Japan have clearly felt the impact of naphtha shortages, further deepening public distrust in the government's explanation.

On May 25, according to Coinglass data, as Bitcoin maintains a slight upward fluctuation, the current funding rates for mainstream CEX and DEX indicate that the market remains significantly bearish, as shown in the attached chart. Note from BlockBeats: The funding rate is a fee set by cryptocurrency trading platforms to maintain the balance between contract prices and the prices of the underlying assets, typically applicable to perpetual contracts. It serves as a funding exchange mechanism between long and short traders, with the trading platform not charging this fee. Instead, it adjusts the cost or profit of traders holding contracts to keep the contract price close to the underlying asset price. A funding rate of 0.01% represents the benchmark rate. When the funding rate is greater than 0.01%, it indicates a generally bullish market. Conversely, when the funding rate is less than 0.005%, it indicates a generally bearish market.

Finland's PPI increased by 4.6% year-on-year in April