Does Genshin Affect Nerf Characters?

It's very important to note that for any game nowadays with gacha elements, it's taboo for developers to nerf characters after their official release. When it comes to gacha games / social games, and Japanese-stylized games with gacha elements like Genshin Impact, nerfs rarely ever happens.

Did Genshin Impact Nerf physical damage?

No, there is no apparent nerf in Physical Damage. Every tested Physical Damage matches the calculation, with no reduction whatsoever.

Does MiHoYo buff or nerf characters?

First of all, MiHoYo is not able to directly nerf a character, due to Chinese law. This leaves two possible ways to balance characters - either have all characters equal from the start or buff old characters.