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☆ Japan Business Leaders Return to China Seeking to Bolster Cooperation
▼ + stars: | 2024-01-24 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +3 min

Japanese economic delegations had visited China every year since 1975, but those visits lapsed during the COVID-19 era when China largely shuttered its borders due to its stringent pandemic policies. During their visit this week, the Japanese business delegates, which included Masakazu Tokura, chairman of the powerful Keidanren, as the Japan Business Federation is known, are due to meet with Chinese Premier Li Qiang on Thursday. Japan is heavily reliant on China, where Japanese companies have for years invested in building manufacturing supply chains and forged relationships with local partners. China last year arrested a Japanese executive, an employee of the drugmaker Astellas Pharma, on suspicion of espionage. The move has had a chilling effect on business, Japanese officials say.

Persons: Masakazu Tokura, Premier Li Qiang, Fumio, Xi Jinping, Wang Yi, Gamble, Ryan Woo, Miyoung Kim, David Dolan, Michael Perry Organizations: Japan Business, Premier, Pharma, Procter, SK, Nidec Corp, Toyota, Nissan Locations: BEIJING, China, Japan, United States, Kishida, Greater China, Beijing, Singapore, Tokyo

For its biggest banks, however, there's a hitch: a generation of professional front-line staff have little experience with rising interest rates. The 38 members, which include credit dealers and data scientists, work to improve coordination between retail and wholesale divisions, as higher rates are expected to fuel trading activities. Still, if higher rates are new to most bankers, so they are for their clients, who have for years enjoyed rock bottom rates in Japan. "Almost no front-line bankers have experienced short-term rates above 0.5% as Japan last saw such rates in the 1990s," he said. "I think there are a lot of scepticism among front-line bankers over whether they can really increase their lending rates."

Persons: Masahiro Minami, they've, Izuru Kato, Kato, Satoru Yamamoto, Atsushi Kikuchi, Tokyo Tanshi's Kato, Makiko Yamazaki, Ritsuko Shimizu, David Dolan Organizations: MUFG Bank, TOKYO, Resona Holdings, Reuters, Bank, Mitsubishi, Daiwa Securities, Mizuho Financial, Mizuho, Thomson Locations: Japan, Tokyo

☆ Rakuten's mobile misadventure: from ambitious plan to millstone
▼ + stars: | 2023-11-29 | by ( Anton Bridge | ) www.reuters.com time to read: +5 min

By any measure, cash-bleeding Rakuten Mobile is deeply troubled. Rakuten is set for another tough year in 2024 with investors keen to see if it can achieve its goal of having the mobile unit break even. Those steps have raised some 800 billion yen ($5.4 billion). Then in October, SoftBank Corp (9434.T), Japan's No.3 mobile network provider, began offering a generous reward campaign for most mobile users using SoftBank Group's (9984.T) PayPay online payment system. Without profits, the mobile unit is not likely to entice would-be suitors and competition laws would probably prevent the likes of SoftBank and Docomo from bidding.

Persons: Japan's Rakuten, Hiroshi, Mickey, Rakuten, Mitsunobu Tsuruo, Rakuten's, NTT Docomo, Mikitani, Amir Anvarzadeh, Anton Bridge, David Dolan, Edwina Gibbs Organizations: Citi, Amazon Japan, Rakuten Securities, Rakuten Bank, SBI Securities, GUNNING, Rakuten Mobile, Reuters, NTT, SoftBank Corp, Asymmetric Advisors, Thomson Locations: TOKYO, ARPU

The U.S. military said the mishap occurred during a routine training mission off the shores of Yakushima Island, about 1,040 km (650 miles) southwest of the capital Tokyo. Another Osprey thought to have been travelling with the crashed aircraft landed safely at the island's airport on Wednesday afternoon, a spokesperson for the local government said. Japan, which also operates Osprey aircraft, said on Wednesday it had asked the U.S. military to investigate the crash. The deployment of the hybrid aircraft in Japan has been controversial, with critics saying it is prone to accidents. In August, a U.S. Osprey crashed off the coast of northern Australia while transporting troops during a routine military exercise, killing three U.S. Marines.

Persons: Kiyoshi Takenaka, Tim Kelly, Kantaro, Idrees Ali, Phil Stewart, John Geddie, David Dolan, Gerry Doyle, Nick Macfie, Deepa Babington Organizations: Japan Coast Guard, Yakushima Fisheries Cooperative, . Air Force Special, Command, United, ., Boeing, Bell Helicopter, U.S . Air Force, Marines, Navy, Japan Self - Defense Forces, Osprey, U.S, Thomson Locations: Kagoshima prefecture, Japan, TOKYO, U.S, Yakushima, Tokyo, Japan's, United States, Taiwan, Okinawa, Australia

TOKYO, Nov 29 (Reuters) - A U.S. military V-22 Osprey aircraft crashed near an island in western Japan on Wednesday with eight people onboard, Japan's coast guard said. The aircraft disappeared from radar at 2:40 p.m. local time, Japan Chief Cabinet Secretary Hirokazu Matsuno said. Another crash-landed in the ocean off Japan's southern island of Okinawa in December 2016, prompting a temporary U.S. military grounding of the aircraft. The deployment of the Osprey in Japan has been controversial, with critics saying the hybrid aircraft is prone to accidents. The U.S. military and Japan say it is safe.

Persons: Hirokazu Matsuno, Kiyoshi Takenaka, Tim Kelly, Satoshi Sugiyama, John Geddie, David Dolan, Gerry Doyle Organizations: Osprey, U.S, Marines, U.S . Marines, U.S . Navy, Japan Self Defense Forces, Thomson Locations: TOKYO, U.S, Japan, Australia, Okinawa

Toyota, Toyota Industries and Aisin will sell Denso shares worth a total of about 700 billion yen ($4.7 billion) at current market prices, the two sources said. In a statement, Denso said it was considering a share sale, a buyback and other capital measures, but that nothing had yet been decided. At $4.7 billion, it would be the second-biggest such share offering in Japan this year, after the more than $9 billion sale of shares in Japan Post Bank (7182.T) in March, according to LSEG data. Denso shares, which were down almost 4% before the news, extended losses after the Reuters report and fell as much as 6.8% on the day, closing 4.9% lower. Toyota shares finished little changed, as did the benchmark Nikkei 225 (.N225).

Persons: Denso, Miho Uranaka, Daniel Leussink, Maki Shiraki, Nobuhiro Kubo, David Dolan, Jamie Freed, Miral Fahmy, Louise Heavens Organizations: Companies, Toyota, Toyota Industries, Aisin, Japan Post Bank, Tokyo Stock Exchange, Buyers, KDDI Corp, Reuters, Nikkei, Thomson Locations: TOKYO, Denso, Japan

Toyota Motor's portion will represent almost half of the roughly 10%, with the total sale seen at about 700 billion yen ($4.7 billion) at current market prices, the two sources said. A Toyota spokesperson said it was not in a position to comment on Denso, adding the contents of the Reuters report of the share sale were not something it had announced itself. Buyers of the shares are expected to largely be domestic investors, and the price has yet to be determined, the sources said. Denso shares, which were down almost 4% before the news, extended losses after the Reuters report and fell as much as 6.8% on the day, closing 4.9% lower. Toyota shares finished little changed, as did the benchmark Nikkei 225 (.N225).

Persons: Miho Uranaka, Daniel Leussink, Maki Shiraki, Nobuhiro Kubo, David Dolan, Jamie Freed Organizations: Companies, Toyota, KDDI Corp, Tokyo Stock Exchange, Reuters, Nikkei, Thomson Locations: TOKYO, Denso

☆ Japan's Daisaku Ikeda, longtime Soka Gakkai lay Buddhist leader, dies at 95
▼ + stars: | 2023-11-18 | by ( Anton Bridge | ) www.reuters.com time to read: +3 min

Ikeda died on Wednesday evening from natural causes at age 95, Soka Gakkai said in a statement on its website. Soka Gakkai, founded in 1930, says it has 12 million members in 192 countries and territories worldwide. He also founded Soka Gakkai's umbrella organisation, Soka Gakkai International, in 1975, where he served as honorary president from 1979 until his death. But those dropped off in recent years leading to some speculation about his health and role in Soka Gakkai International. In 1947 he met Josei Toda, then leader of the Soka Gakkai organisation, who was to become his mentor.

Persons: Daisaku Ikeda, Ikeda, Zhou Enlai, Mikhail Gorbachev, Arnold Toynbee, Polly Toynbee, Ichi, Josei Toda, Succeeding Toda, Kaneko, Hiromasa, Takahiro, Anton Bridge, David Dolan, William Mallard aand Kim Coghill Organizations: Soka Gakkai, Kyodo, Rights, Soviet, government's, Soka, Soka Gakkai International, SGI, Thomson Locations: Tokyo, Japan, British

TOKYO, Nov 17 (Reuters) - Warren Buffett's vote of confidence in Japanese trading houses is helping Mitsubishi Corp (8058.T) overcome long-held investor wariness about its complex global business that covers everything from sausages to natural gas, a top executive said. "Until fairly recently, being an industrial conglomerate had negative connotations," Kobayashi said in an interview. Appointed as the trading house's first chief stakeholder engagement officer in April, Kobayashi is now focused on wooing investors who focus on growth, not just value. Berkshire first announced roughly 5% stakes in August 2020, with Buffett saying the trading houses "have many joint ventures throughout the world and are likely to have more". read moreStill, Mitsubishi is trading at a price-to-book ratio of just a little over 1, or at almost no premium to the value of its assets.

Persons: Warren Buffett's, wariness, Berkshire Hathaway, Kenji Kobayashi, Kobayashi, Itochu, outperforming, Buffett, Benjamin Graham, that's, Anton Bridge, Miho Uranaka, David Dolan, Miral Organizations: Mitsubishi Corp, Berkshire, Reuters, Mitsubishi, Mitsui, Sumitomo, Tokyo Stock Exchange, Nikkei, Columbia University, Thomson Locations: TOKYO, Berkshire, Japan

☆ Panasonic plans to sell stake in autos business to Apollo Global funds
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

A logo of Panasonic Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsTOKYO, Nov 17 (Reuters) - Japan's Panasonic Holdings (6752.T) said on Friday it plans to sell a stake in its automotive systems business to funds managed by U.S. private equity firm Apollo Global Management, and has signed a memorandum of understanding with an Apollo affiliate. Continued investment in the automotive systems business would be necessary to achieve sustained growth for the company amid a rapid shift to electric cars and changes to vehicle architecture, Panasonic said. The automotive unit makes cockpit and electronics systems. It is separate from Panasonic's energy unit that makes batteries for electric vehicles, including those from Tesla (TSLA.O).

Persons: Toru Hanai, Daniel Leussink, David Dolan, Christopher Cushing Organizations: Panasonic Corp, Advanced Technologies, Makuhari, REUTERS, Rights, Japan's Panasonic Holdings, U.S, Apollo Global Management, Apollo, Panasonic, Thomson Locations: JAPAN, Chiba, Japan, Tokyo

☆ Honda posts 31% Q2 operating profit jump, raises full-year forecast
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

People are reflected on a Honda Motor car outside the company's headquarters in Tokyo, Japan February 2, 2017. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsCompanies Honda Motor Co Ltd FollowTOKYO, Nov 9 (Reuters) - Japan's Honda Motor (7267.T) posted a 31% increase in operating profit for the September quarter on Thursday, lifted by stronger sales in the United States and a weaker yen, and raised its full-year forecast by 20%. Japan's second-biggest automaker by sales said operating profit totalled 302.1 billion yen ($2.0 billion) in the three months to Sept. 30, compared with an average 345.3 billion yen estimate in a poll of 10 analysts by LSEG. Honda raised its full-year operating profit forecast to 1.2 trillion yen from the 1 trillion yen it had expected, largely in line with the 1.237 trillion yen average forecast from 21 analysts. ($1 = 151.0600 yen)Reporting by Daniel Leussink; Editing by David Dolan and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Toru Hanai, Daniel Leussink, David Dolan, Gerry Doyle Organizations: Honda Motor, REUTERS, Honda, LSEG, Thomson Locations: Tokyo, Japan, United States, China

☆ Nissan more than doubles Q2 operating profit, beating estimates
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

A visitor is seen at Nissan Motor Corp.'s showroom in Tokyo, Japan November 11, 2020. REUTERS/Issei Kato/File Photo Acquire Licensing RightsTOKYO, Nov 9 (Reuters) - Japan's Nissan Motor (7201.T) reported on Thursday it had more than doubled its operating profit for the July-September quarter, beating analysts' estimates, boosted by steady sales in North America and Japan and a weaker yen. The company reported a 127% rise in July-September operating profit to 208.1 billion yen ($1.38 billion), compared with an average estimate of 155.9 billion yen in a poll of 10 analysts by LSEG and a 91.7 billion yen operating profit in the same period a year earlier. The automaker raised its full-year forecast by nearly 13% to 620 billion yen due to a favourable impact of a weak yen and improvements in global retail sales, excluding China. The forecast compared to a 570.1 billion yen average profit forecast in a poll of 19 analysts by Refinitiv.

Persons: Issei Kato, Daniel Leussink, David Dolan, Muralikumar Organizations: Nissan Motor Corp, REUTERS, Rights, LSEG, Refinitiv, Nissan, Renault, Thomson Locations: Tokyo, Japan, North America, China

☆ SoftBank books $5.2 bln quarterly loss as investments and weak yen bite
▼ + stars: | 2023-11-09 | by ( Anton Bridge | ) www.reuters.com time to read: +2 min

The results underscore the volatility and risk inherent in founder Masayoshi Son's strategy of betting big on often risky start-ups. The Japanese conglomerate said it was squeezed by weakness in the yen that drove up costs on its dollar-denominated debt. SoftBank reported a 789 billion yen ($5.2 billion) net loss for the three months to end-September, compared with a 3.01 trillion yen profit a year earlier when it sold down a large portion of its stake in Chinese e-commerce giant Alibaba (9988.HK). Its Vision Fund investment unit, meanwhile, booked an investment profit of 21.4 billion yen in the latest quarter, after posting a 160 billion yen profit three months earlier. SoftBank said it exchanged unsecured WeWork notes into shares and convertible bonds and reflected a 21.6 billion yen loss from the transaction in the first half.

Persons: Thomas Peter, Masayoshi, SoftBank, Anton Bridge, Miyoung Kim, David Dolan, Tom Hogue Organizations: REUTERS, Rights, SoftBank, HK, Vision Fund, Thomson Locations: Tokyo, WeWork

☆ SoftBank makes another bet on WeWork, hoping landlords will too
▼ + stars: | 2023-11-07 | by ( Anton Bridge | ) www.reuters.com time to read: +3 min

WeWork seeks bankruptcy protectionLIMITED EXPOSUREWeWork's dramatic fall followed lavish predictions about its prospects from SoftBank founder Masayoshi Son, despite immense losses as it grew. Still, it had a credit support deal with the company worth $1.1 billion as of end-June. MST Financial analyst David Gibson said the credit support was significant, but it was not clear how much of it had been withdrawn. SoftBank declined to comment on the credit support. SoftBank owns around 71% of WeWork, which it privately valued at $47 billion at its peak but is now valued at just $44 million.

Persons: SoftBank, Adam Neumann, Neumann, WeWork, Masayoshi Son, Son, David Gibson, Anton Bridge, David Dolan, Miyoung Kim, Mark Potter Organizations: Thomson Locations: TOKYO

☆ Nintendo hikes profit forecast as Switch battles on
▼ + stars: | 2023-11-07 | by ( Sam Nussey | ) www.reuters.com time to read: +2 min

An attendee uses a Nintendo Switch game console while playing a video game at the Paris Games Week (PGW), a trade fair for video games in Paris, France, November 5, 2023. Nintendo sold 6.84 million Switch units in the first six months of the financial year, a slight increase on the 6.68 million units it sold in the same period last year. Reuters GraphicsNintendo's broad pop culture appeal has also been underscored by the success of a Super Mario Bros. movie. Nintendo maintained its full-year forecast for the console of 15 million units, which would be a 16.5% decline on a year earlier. Nintendo's line-up for the critical year-end shopping season will likely also be bolstered by some new additions including "Super Mario RPG", which launches on Nov. 17.

Persons: Claudia Greco, Zelda, Mario, Shuntaro Furukawa, Sam Nussey, David Dolan, Christopher Cushing Organizations: Nintendo, Paris Games, REUTERS, Reuters, Mario Bros, Thomson Locations: Paris, France, TOKYO, Kyoto

The world's top-selling automaker reported a record operating profit of 1.44 trillion yen ($9.5 billion) in the three months to end-September, a 155.6% increase from a year earlier. It lifted its full-year profit forecast to 4.5 trillion yen from 3 trillion yen, largely due to favourable effects from foreign exchange rates. Toyota expects the weaker yen to account for 1.18 trillion yen of the revision to the full-year profit. The new projection compared to analysts' average forecast of 4.0 trillion yen. Toyota assumed an average rate of 141 yen per dollar in its calculations for the 2023/24 financial year compared to 125 yen previously.

Persons: Issei Kato, Yoichi Miyazaki, Daniel Leussink, David Dolan, Muralikumar Organizations: Toyota, Japan, REUTERS, Nissan, Honda, EVs, Nikkei, Thomson Locations: Tokyo, Japan, TOKYO, United States, Asia, China, Southeast, Thailand, North Carolina

☆ Taiwan's Powerchip chooses northern Japan for planned $5.4 bln fab
▼ + stars: | 2023-10-31 | by ( Sam Nussey | ) www.reuters.com time to read: +2 min

The logo of Powerchip Semiconductor Manufacturing Corp's Japanese business in pictured in Tokyo, Japan July 21 2023. "Japan has to have its own supply chain," Powerchip founder and Chairman Frank Huang told reporters. Powerchip said it aimed to manufacture micro-controllers and power chips, which are needed for power management in electric vehicles, along with chips for artificial intelligence. The second phase, planned for two years later, aims to introduce 28-nanometre technology with targeted monthly output of 40,000 wafers. They aim to cut costs by making reference to plans for a Powerchip fab being built in Taiwan, and discussions are already taking place with construction firms.

Persons: Sam Nussey, Taiwan's TSMC, Frank Huang, Powerchip, David Dolan, Jamie Freed Organizations: Powerchip Semiconductor Manufacturing, REUTERS, Rights, Powerchip Semiconductor Manufacturing Corp, SBI Holdings, Reuters, Powerchip, SBI, Thomson Locations: Tokyo, Japan, Miyagi, Taiwan, Sendai, Hokkaido, Kyushu, chipmaking

☆ Japan's Denso to invest $3.3 billion to bulk up chips business
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

Semiconductor chips are seen on a printed circuit board in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsTOKYO, Oct 26 (Reuters) - Japanese automotive supplier Denso (6902.T) will invest about 500 billion yen ($3.3 billion) in semiconductors by 2030 as aims to triple the scale of its chips business by 2035 from current levels, the company's president said on Thursday. Thus, we will forge strategic partnerships with various companies," Denso President Shinnosuke Hayashi said at the Japan Mobility Show, which officially opened on Thursday. The company will hire new employees to specialise in electrification and software and also move staff from mature businesses to electrification and software, he said. ($1 = 150.1900 yen)Reporting by Daniel Leussink; Editing by David Dolan, Jamie Freed and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Lo, Shinnosuke Hayashi, Daniel Leussink, David Dolan, Jamie Freed, Edwina Gibbs Organizations: REUTERS, Rights, Denso, Toyota, Taiwan Semiconductor Manufacturing, Sony, Japan, Thomson Locations: Japan

☆ Western Digital and Japan's Kioxia call off merger talks - Nikkei
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Ann/File photo Acquire Licensing RightsTOKYO, Oct 26 (Reuters) - Western Digital Corp (WDC.O) and Japan's Kioxia Holdings have broken off talks to create one of the world's biggest chipmakers, the Nikkei newspaper reported on Thursday. The companies were also unable to agree on conditions with top Kioxia shareholder Bain Capital, the report added. Western Digital, Kioxia and Bain Capital did not immediately respond to Reuters' requests for comment. Shares of Western Digital sank 12% on the news. Kioxia and Western Digital have held merger talks since 2021 but the negotiations have often stalled over a series of issues, including valuation discrepancies.

Persons: David Dolan, Aditya Soni, Juby Babu, Chavi Mehta, Shweta Agarwal Organizations: Taipei, REUTERS, Rights, Western Digital Corp, Japan's Kioxia Holdings, Nikkei, SK Hynix, Bain Capital, Samsung Electronics, South Korean SK Hynix, Kioxia, Western Digital, Western, Thomson Locations: Taipei, Taiwan, U.S, Kioxia, Bengaluru

☆ Toyota aims to put 1,000 km-range Lexus EV on the road by 2026
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Issei Kato/File Photo Acquire Licensing RightsTOKYO, Oct 25 (Reuters) - Toyota unveiled a Lexus concept car with a roughly 1,000 kilometre range on Wednesday that it aims to roll out by 2026, part of the Japanese automaker's strategic pivot to EVs reliant on advanced battery technology. The LF-ZC concept car, which debuted at the Japan Mobility Show, uses "prismatic, high-performance" batteries that achieve around twice the range of conventional EVs - or around 1,000 kilometres (620 miles). The low-sitting LF-ZC sports an expansive cockpit and uses advanced AI technology that Toyota has dubbed "Butler". The AI system is able to identify preferences that drivers may not be aware of themselves, Toyota said. Toyota has committed to having battery EVs account for 100% of global sales of the luxury Lexus brand by 2035.

Persons: BEV, Toyota Takero Kato, Simon Humphries, Issei Kato, Butler, Maki Shiraki, Daniel Leussink, David Dolan, David Holmes Organizations: Toyota, Lexus, Japan, REUTERS, Rights, Thomson Locations: Tokyo, Japan

☆ Sony Honda Mobility could procure EV batteries from US, president says
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: 1 min

[1/4] Sony Honda Mobility's President Izumi Kawanishi poses during the Japan Mobility Show 2023 at Tokyo Big Sight in Tokyo, Japan October 25, 2023. REUTERS/Issei Kato Acquire Licensing RightsTOKYO, Oct 25 (Reuters) - Sony (6758.T) and Honda's (7267.T) automotive joint venture could procure batteries for its new Afeela electric vehicle from the United States where Honda is building a factory, the president of Sony Honda Mobility told Reuters on Wednesday. Izumi Kawanishi made the comment on the sidelines of the Japan Mobility Show in Tokyo, which opened to the press a day ahead of its official opening. Reporting by Daniel Leussink; editing by David DolanOur Standards: The Thomson Reuters Trust Principles.

Persons: Izumi Kawanishi, Issei Kato, Daniel Leussink, David Dolan Organizations: Sony Honda, Japan, REUTERS, Rights, Sony, Honda, Sony Honda Mobility, Reuters, Thomson Locations: Tokyo, Japan, United States

☆ Subaru CEO: working with suppliers to lower procurement risks of EV battery materials
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

[1/4] Representative Director, President and CEO at Subaru Atsushi Osaki unveils the Sport Mobility Concept and Air Mobility Concept vehicles during a press day of the Japan Mobility Show 2023 at Tokyo Big Sight in Tokyo, Japan October 25, 2023. REUTERS/Issei Kato Acquire Licensing RightsTOKYO, Oct 25 (Reuters) - Japan's Subaru (7270.T) is working with suppliers to decrease risks related to procuring materials used in electric-vehicle batteries, it chief executive said on Wednesday, as automakers grapple with China's move to curb exports of graphite. We want to procure resources while considering various risk hedges," Chief Executive Atsushi Osaki told reporters on the sidelines of the Japan Mobility Show, which opened to the press on Wednesday, a day ahead of its official start. "We are working with suppliers to come up with measures to deal" with the risks, he said. Reporting by Maki Shiraki and Daniel Leussink; Writing by David Dolan; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Atsushi Osaki, Issei Kato, Subaru, China's, Maki Shiraki, Daniel Leussink, David Dolan, Jacqueline Wong Organizations: Mobility, Japan, REUTERS, Rights, Thomson Locations: Tokyo, Japan, China

Toyota Motor Corporation's cars are seen at a briefing on the company's strategies on battery EVs in Tokyo, Japan December 14, 2021. The Japan Mobility Show, which opens on Thursday, comes at a critical moment for the domestic industry. Toyota (7203.T), the world's top-selling automaker, this year announced a strategic pivot to battery EVs, including plans to commercialise advanced batteries and adopt die-casting technology pioneered by Tesla (TSLA.O). Toyota's shift has helped silence criticism that it was too slow to embrace battery EVs. In contrast to the darkening outlook in Japan, data from the ASEAN Automotive Federation shows that the auto market in Southeast Asia has been growing.

Persons: Kim Kyung, Koji Endo, Daniel Leussink, David Dolan, Jamie Freed Organizations: Toyota, REUTERS, Companies, Japan, Japan Mobility, Tesla, Subaru, Mazda, Mitsubishi Motors, BYD, HK, BMW, Honda, SBI Securities, Nissan, Mitsubishi, Japan Automobile Manufacturers Association, ASEAN Automotive Federation, EV upstarts, Thomson Locations: Tokyo, Japan, TOKYO, China, Southeast Asia, Thailand

The announcement sent shares of Daiichi Sankyo (4568.T) up 12% in early trading in Tokyo on Friday, raising expectations for its cancer drug pipeline. The companies will jointly and potentially commercialise the drug candidates worldwide, except in Japan where Daiichi Sankyo will maintain exclusive rights, they said. Merck will pay Daiichi Sankyo $4 billion upfront in addition to $1.5 billion in continuation payments over the next two years. Merck may make additional payments of up to $16.5 billion contingent on future sales milestones, or $5.5 billion for each product. Daiichi Sankyo has six ADC candidates in its pipeline, including two being jointly developed with AstraZeneca (AZN.L).

Persons: Andrew Kelly, Drugmaker Merck, patritumab, ifinatamab, raludotatug, Merck, David Dolan, Kanjyik Ghosh, Miyoung Kim, Jamie Freed Organizations: Merck & Co, REUTERS, Merck, AstraZeneca, Thomson Locations: Kenilworth , New Jersey, U.S, TOKYO, Daiichi, Tokyo, Japan, Bengaluru

☆ Honda, GM, Cruise plan to begin Japan driverless ride service in early 2026
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsTOKYO, Oct 19 (Reuters) - Honda Motor (7267.T) said on Thursday that it aims to set up a joint venture with General Motors (GM.N) and Cruise to begin a driverless ride service in Japan in early 2026. The three companies aim to establish the joint venture in first half of 2024 pending regulatory approval, the Japanese company said in a statement without providing financial details. Vogt said it was hard to say whether offering a driverless ride service in Tokyo posed a unique or distinct challenge for the company. The Japan service is planned to launch in central Tokyo, using dozens of Origins before expanding to a fleet of 500 vehicles, Honda said in its statement. The companies plan to later broaden the service to areas beyond central Tokyo, Honda said.

Persons: Rebecca Cook, Cruise, Waymo, Honda, Kyle Vogt, Vogt, Toshihiro Mibe, Daniel Leussink, Mariko Katsumura, Rocky Swift, David Dolan, Christopher Cushing Organizations: General Motors, REUTERS, Rights, Honda, Cruise, GM, Thomson Locations: Detroit , Michigan, U.S, Japan, San Francisco, United States, Tokyo, Austin

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