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☆ Here are Thursday's biggest analyst calls: Nvidia, Costco, Apple, Snowflake, Meta, Nike, Disney, Airbnb & more
▼ + stars: | 2024-04-11 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Goldman Sachs reiterates Alphabet as buy Goldman said it's sticking with its buy rating following the company's Google Cloud Next event. "We are initiating coverage of Airbnb (ABNB) with a BUY rating and a $190 per share price target." "Following a period of restriction, we are moving to an Overweight rating and a December 2024 price target of $140." "Given the increase in stock price, we believe valuation levels have disconnected from the fundamental outlook." Piper Sandler reiterates Meta as overweight Piper raised its price target on the stock to $600 per share from $525. "

Persons: Evercore, it's bullish, Goldman Sachs, Goldman, Berenberg, TD Cowen, Visa, Oppenheimer, it's, Snowflake, Raymond James, Simona Jankowski, Wells, Morgan Stanley, Moffett, We've, Marsh, Bernstein, Kenvue, underperform Bernstein, Johnson, Needham, Airbnb, CVX, TTE, Piper Sandler, Meta, Piper, Wells Fargo Organizations: JPMorgan, Apple, Mastercard, Barclays, Nasdaq, Nvidia, UBS, Gartner, IT, Deutsche Bank, ATI, Deutsche, Disney, Microsoft, TEAM, " Bank of America, Nike, of America, Citi, Robinhood, MMC, Qualcomm, Johnson, Consumer, Scotiabank, Hamilton Insurance, Costco, ~$ Locations: Albemarle, Chevron

☆ Goldman Sachs now expects the Bank of Japan to hike rates Tuesday
▼ + stars: | 2024-03-18 | by ( Clement Tan | In Clemtan | ) www.cnbc.com time to read: +2 min

Goldman Sachs now expects the Bank of Japan to raise interest rates for the first time in 17 years at its March meeting this week, bringing forward its previous forecast for an April decision. Ota said he expects the BOJ to abolish its yield curve control policy, which the central bank employs to target longer-term interest rates, by buying and selling bonds as necessary. Still, he expects the central bank will "not explicitly commit" to the size of its Japanese government bond purchases or the cessation of its ETF purchases. While the central bank has effectively loosened its yield curve control policy over longer term interest rates over the past 16 months, it has kept interest rates at -0.1% and still maintains an upper limit for 10-year Japanese government bond yield at 1% as a reference. While BOJ Governor Kazuo Ueda meets with his other eight board members eight times a year, the central bank updates its economic outlook only four times: in January, April, July and October.

Persons: Goldman Sachs, Tomohiro Ota, Ota, Kazuo Ueda Organizations: Bank of Japan Locations: Ueno Park, Tokyo, Japan

☆ If you've always dreamed of wandering the alleys in the famous geisha district in Kyoto, your time might be running out
▼ + stars: | 2024-03-13 | by ( Marielle Descalsota | ) www.businessinsider.com time to read: +2 min

Gion, a historic district in Kyoto, is set to bar tourists from entering its private streets from April. Gion is famed for its traditional teahouses where geisha work and entertain guests. AdvertisementGion, Japan's popular geisha district in Kyoto, will be barring tourists from entering certain alleys, the news agency AFP reported on Friday. The district council comprises several residents of Gion. While Gion's private streets will be closed, tourists will still be allowed to enter the main Hanamikoji Street, which is public, per AFP.

Persons: Gion, —, Isokazu Ota, Ota, It's, Kotaro Nagaski Organizations: Service, AFP, Asahi Shimbun Locations: Kyoto, Gion, Ota, Japan, Yamanashi, Fuji

☆ Bank of Japan may exit its negative rate policy next week. Here's what you need to know
▼ + stars: | 2024-03-13 | by ( Clement Tan | In Clemtan | ) www.cnbc.com time to read: +3 min

Speculation is swirling that the Bank of Japan may move to exit the world's last negative rate policy as early as next week, when policymakers gather for their March meeting. "We continue to expect that the BOJ will terminate NIRP in April," Goldman Sachs economists led by Tomohiro Ota wrote in a Tuesday note, referring to the negative interest rate policy. "While a March rate hike cannot be ruled out, we believe that the BOJ's communications at this juncture are not clear enough to justify assuming the March hike as the base case scenario." "The Bank of Japan has no right to keep monetary policy where [they are now]. The economy is not in any shape or form to have that ultra-loose monetary policy and quantitative easing, which we have been calling a major policy error," Amir Anvarzadeh, a market strategist at Asymmetric Advisors, told CNBC Tuesday.

Persons: Goldman Sachs, Tomohiro Ota, Kazuo Ueda, Amir Anvarzadeh Organizations: Bank of Japan, Asymmetric Advisors, CNBC Locations: NIRP, Japan

☆ Palantir CEO says his outspoken pro-Israel views have caused employees to leave company
▼ + stars: | 2024-03-13 | by ( Alex Koller | ) www.cnbc.com time to read: +2 min

In this article PLTR Follow your favorite stocks CREATE FREE ACCOUNTwatch nowPalantir CEO Alex Karp said some staffers at his software company have exited due to his public support for Israel. I'm sure we'll lose employees," Karp said in an interview Wednesday with CNBC's "Money Movers." "If you have a position that does not cost you ever to lose an employee, it's not a position." Karp was responding to a question from anchor Sara Eisen about personnel turnover at the company resulting from its controversial stances. Peter Thiel, co-founder and chairman of Palantir Technologies Inc., speaks during a news conference in Tokyo, Japan, on Monday, Nov. 18, 2019.

Persons: Alex Karp, We've, Karp, it's, Sara Eisen, Palantir, Eisen, Peter Thiel, Kiyoshi Ota Organizations: Israel, Ministry, Israeli Ministry of Defense, New York Times, Palantir Technologies Inc, Bloomberg, Getty Locations: Israel, Gaza, Tel Aviv, Tokyo, Japan

☆ Wage growth in Japan is a good milestone for sustainable inflation, says Tomohiro Ota
▼ + stars: | 2024-03-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWage growth in Japan is a good milestone for sustainable inflation, says Tomohiro OtaTomohiro Ota, Senior Japan Economist at Goldman Sachs, discusses how wage hikes by several companies impacts the Bank of Japan and equities.

Persons: Tomohiro Ota Tomohiro, Goldman Sachs Organizations: Senior Japan, Goldman, Bank of Japan Locations: Japan, Tomohiro Ota Tomohiro Ota

☆ Tesla shares wild footage of a Cybertruck scaling a steep, off-road trail known as Hell's Revenge
▼ + stars: | 2024-03-07 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Tesla shared a video of a Cybertruck scaling a difficult off-road trail in Utah. The electric truck, which was shown with a driver inside, conquered the off-road trail known as Hell's Revenge in the video. Travel site Utah.com describes Hell's Revenge as having "steep climbs, descents, and some edges that are not for the faint of heart." Morrill said navigating Hell's Revenge with the tri-motor EV, called Cyberbeast, is "like off-roading in easy mode." The Cyberbeast truck managed to drive 318 feet with the sled, while the Ford truck got up to 263 feet.

Persons: Tesla, Cybertruck's, Wes Morrill, —, Morrill Organizations: Service, Ford, Business Locations: Utah

☆ ‘Geisha paparazzi’ are back in Kyoto – and the city is ready to take action
▼ + stars: | 2024-02-29 | by ( Lilit Marcus | ) edition.cnn.com time to read: +5 min

As a result, an unfortunate nickname has even been given to these tourists: “geisha paparazzi.”Foreign tourists have sometimes struggled to understand Japanese customs and etiquette. In 2015, Kyoto created pamphlets and paper handouts that used pictograms to illustrate travel “nuisance activities” like littering, using selfie sticks, smoking in prohibited areas, and taking photos of geisha and maiko. Plenty of rules, little enforcementToday, signs in three languages also explain that geisha photography is not allowed without a permit, and that violators could be charged up to ¥10,000 ($67). Most maiko and geisha (these words are both singular and plural in Japanese) use this road, making it the prime spot for “paparazzi” to gather. Still, Ota and other Gion residents are looking for ways to curb the “geisha paparazzi” issues.

Persons: women’s kimonos, Gion, Isokazu Ota, Kike Calvo, ”, Ota, maiko Organizations: CNN, Theatre Locations: Gion, Kyoto, women’s, Side, Japan, Ota, ”, Easter

☆ Japan PM to sack deputy finance minister over tax scandal - NHK
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

Fumio Kishida, Japan's prime minister, speaks during a news conference at the prime minister's official residence in Tokyo, Japan, November 2, 2023. Kiyoshi Ota/Pool via REUTERS/File Photo Acquire Licensing RightsTOKYO, Nov 13 (Reuters) - Japanese Prime Minister Fumio Kishida has decided to sack a deputy finance minister, public broadcaster NHK reported on Monday, after the official last week admitted to media reports that he had been delinquent on tax payments in the past. State Minister of Finance Kenji Kanda, who is in charge of government bonds and monetary policy, would be the third to leave a ministerial post in just two months since Kishida reshuffled his cabinet to improve tumbling public approval ratings. The report of Kanda's firing comes as the latest poll by broadcaster FNN showed the approval rating for Kishida's cabinet reaching a record low of 27.8%, sliding 7.8 points from last month. Reporting by Kantaro Komiya and Satoshi Sugiyama Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

Persons: Fumio, Kiyoshi Ota, Fumio Kishida, of Finance Kenji Kanda, Kishida, FNN, Kantaro Komiya, Satoshi Sugiyama, Chang, Ran Kim Organizations: Rights, NHK, of Finance, Thomson Locations: Tokyo, Japan

☆ SoftBank Can’t Shake the Ghosts of Tech Booms Past
▼ + stars: | 2023-11-09 | by ( Jacky Wong | ) www.wsj.com time to read: 1 min

SoftBank founder Masayoshi Son has described his decision to invest heavily in WeWork as ‘a stain on my life.’ Photo: Kiyoshi Ota/Bloomberg NewsThere seems to be no shortage of bad news for SoftBank this week. A new artificial-intelligence-driven tech boom could eventually be a tailwind for earnings. But the company’s latest results were a reminder of how much work the firm still has to do to convince investors that it will be a canny steward of their capital—and reliably hit enough home runs to offset its many strikeouts. The Japanese technology investor on Thursday reported a surprising loss: equivalent to $6.2 billion for the September quarter. Analysts on S&P Global Market Intelligence had expected, on average, a gain of around $1.2 billion.

Persons: Masayoshi Son, Kiyoshi Ota Organizations: Bloomberg, P Global Market Intelligence Locations: WeWork

☆ Weak yen forces Japan to shrink historic military spending plan
▼ + stars: | 2023-11-03 | by ( ) www.cnbc.com time to read: +6 min

Since the plan was unveiled in December, the yen has lost 10% of its value against the dollar, forcing Tokyo to reduce its ambitious defense procurement plan, which was then-calculated to cost $320 billion, the sources said. Details of how Japan is paring back military procurement due to currency fluctuations have not been previously reported. China, which has not ruled out using military force to bring Taiwan under its control, has expressed concern about Japan's military spending plans, accusing it of displaying a "Cold War mentality." Chinooks and seaplanesWith the cuts in its spending power, Japan decided to prioritize spending on advanced U.S.-made frontline weapons such as missiles that could halt advancing Chinese forces, the eight people said. About half that increase was due to the weak yen, said one of the government sources, who was directly involved in those discussions.

Persons: Fumio Kishida, Kiyoshi Ota, Christopher Johnstone, Johnstone, Biden, Kishida, spender, Nancy Pelosi's, Yoji Koda Organizations: Japan's, Defense Force, Getty, Reuters, Bank of Japan, Center for Strategic, International Studies, National Security, East, Japan's Ministry of Defense, Embassy, Pentagon, Russian, Kawasaki Heavy Industries, Boeing Co, Kawasaki, ShinMaywa Industries, Industry, Maritime Self Defense Force Locations: Tokyo, AFP, Japan, Taiwan, Washington, Beijing, East Asia, U.S, East China, Ukraine, China

☆ Japan unveils $113 billion package to cushion inflation
▼ + stars: | 2023-11-02 | by ( ) www.cnbc.com time to read: +2 min

Fumio Kishida, Japan's prime minister, reacts while delivering a policy speech during an extraordinary session at the lower house of parliament in Tokyo, Japan, on Monday, Oct. 23, 2023. Kiyoshi Ota | Bloomberg | Getty ImagesJapanese Prime Minister Fumio Kishida said on Thursday the government will spend over 17 trillion yen, or $113 billion, on a package of measures to cushion the economic blow from inflation, which will include tax cuts. To fund part of the spending, the government will compile a supplementary budget for the current fiscal year of 13.1 trillion yen, Kishida told reporters. Including spending by local governments and state-backed loans, the size of the package will total 21.8 trillion yen. The rising cost of living is partly blamed for pushing down Kishida's approval ratings, piling pressure on the prime minister to take steps to ease the pain on households.

Persons: Fumio, Kiyoshi Ota, Fumio Kishida, Kishida Organizations: Bloomberg, Getty Locations: Tokyo, Japan, Covid

☆ BOJ to make a 'bigger' policy decision after 2024 spring wage talks
▼ + stars: | 2023-10-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs expects BOJ to make a 'bigger' policy decision in April after 2024 spring wage talksTomohiro Ota of Goldman Sachs says wage growth led inflation is key for the Bank of Japan's decisions, and expects 2024 spring wage talks to be to crucial to the timing of policy tightening.

Persons: Goldman Sachs, BOJ, Tomohiro Ota Organizations: Bank of

☆ Big Shipping-Container Firm Nears Sale
▼ + stars: | 2023-10-23 | by ( Laura Cooper | ) www.wsj.com time to read: 1 min

Textainer buys, manages and leases marine-cargo containers and is a longstanding supplier to the U.S. military, according to its website. Photo: Kiyoshi Ota/Bloomberg NewsInfrastructure investor Stonepeak is close to a deal to purchase shipping-container lessor Textainer for more than $2 billion. Textainer investors are expected to receive $50 a share in cash, valuing the company at about $2.1 billion, people familiar with the matter said. Factoring in Textainer’s debt, the deal is worth about $7.4 billion.

Persons: Textainer, Kiyoshi Ota, Stonepeak Organizations: ., Bloomberg News Infrastructure

☆ Sold out hotels and spike in beer sales: How the Cricket World Cup could boost India's economy
▼ + stars: | 2023-10-19 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +7 min

Spectators react in the crowd during the ICC Men's Cricket World Cup India 2023 between India and Afghanistan at Arun Jaitley Stadium on October 11, 2023 in Delhi, India. Matt Roberts-icc | Icc | Getty ImagesIndia is once again hosting the Cricket World Cup after more than a decade. "We must remember that the World Cup coincides with the Diwali season. Media and advertisingDuring the last Cricket World Cup in 2019, a global average of 1.6 billion people tuned in. Spectators watch the 2023 ICC Men's Cricket World Cup one-day international (ODI) match between Australia and Sri Lanka at the Ekana Cricket Stadium in Lucknow on Oct. 16, 2023.

Persons: Matt Roberts, Shantanu Bhargava, Lalitya, Avi Mehta, Waterfield, Bhargava, Dhavala, Aditya Suresh, Suresh, Zomato, Prakash Singh, Mehta, —, Radico Khaitan, Shibani Kurian, It's, Tauseef Mustafa Organizations: ICC Men's Cricket, Arun, icc, Icc, Getty, Cricket, Waterfield Advisors, Hospitality, CNBC, International Cricket Council, Macquarie Group Demand, Bangladesh, Pakistan, Indian Hotels Company, Macquarie Group, Alcohol, Afp, Spirits, Kotak Mahindra AMC, Media, Disney, ICC, Board, Control, BCCI, Ekana Cricket Locations: India, Afghanistan, Delhi, Bangladesh, Sri Lanka, Pakistan, Ahmedabad, Australia, New Zealand, Netherlands, Pune, LSEG, New Delhi, Lucknow

☆ Tesla to recall nearly 55,000 Model X vehicles, auto regulator says
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14, 2021. REUTERS/Matthew Childs/File Photo Acquire Licensing RightsCompanies Tesla Inc FollowOct 17 (Reuters) - The U.S. auto regulator on Tuesday said Tesla (TSLA.O) will recall 54,676 Model X vehicles manufactured between 2021-2023, as the vehicle controller is likely to fail to detect low brake fluid and not display a warning light. Tesla has released an over-the-air (OTA) software update, free of charge, to fix the issue, the National Highway Traffic Safety Administration (NHTSA) said. The electric vehicle maker is not aware of any crashes, injuries or deaths that may be related to this condition as of Oct. 10, the regulator added. In August, NHTSA opened an investigation into 280,000 new Tesla Model 3 and Model Y vehicles over reports of loss of steering control and power steering.

Persons: Matthew Childs, Tesla, Jahnavi, Janane Venkatraman Organizations: REUTERS, Traffic Safety Administration, Reuters, NHTSA, Tesla, Thomson Locations: London, Britain, U.S, Bengaluru

☆ EU antitrust regulators veto Booking's ETraveli deal
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: 1 min

BRUSSELS, Sept 25 (Reuters) - EU antitrust regulators on Monday blocked Booking Holdings' (BKNG.O) proposed 1.63-billion-euro ($1.7 billion) acquisition of Swedish peer ETraveli Group, saying the deal would have strengthened the former's dominance in the market for hotel online travel agencies (OTA). The European Commission, which acts as the competition watchdog in the 27-country European Union, said Booking's remedies were not sufficient to address its concerns, confirming a Reuters story earlier this month. ($1 = 0.9405 euros)Reporting by Foo Yun CheeOur Standards: The Thomson Reuters Trust Principles.

Persons: Foo Yun Chee Organizations: Holdings, ETraveli, European Commission, Thomson Locations: BRUSSELS

☆ Tech's broken promises: Streaming is now just as expensive and confusing as cable. Ubers cost as much as taxis. And the cloud is no longer cheap.
▼ + stars: | 2023-08-21 | by ( Alistair Barr | ) www.businessinsider.com time to read: +6 min

The various bundles are now as annoyingly confusing as cable, and cost basically the same. The Financial Times recently reported that a basket of the top US streaming services will cost $87 this fall, compared with $73 a year ago. Cloud promises are being brokenFinally, there's the cloud, which promised cheaper and more secure computing for companies. In the roughly five years since going public, the company has spent about $3 billion on cloud services from Google and AWS. So, cloud services connected to the internet are great for everyone, except Google?

Persons: we're, Uber, Lyft, Steven Levy, Dara Khosrowshahi, Khosrowshahi, Slack, Andreessen Horowitz Organizations: Morning, Netflix, Disney, Wall Street, Paramount, Showtime, Financial Times, Tacoma International, Microsoft, Google, CNBC Locations: New York City, Seattle

☆ Japan signed a critical minerals deal with the U.S. — but it's still losing the global EV race
▼ + stars: | 2023-06-20 | by ( Audrey Wan | ) www.cnbc.com time to read: +4 min

Tokyo in March signed the U.S.-Japan Critical Minerals Agreement, securing both countries' commitment to strengthen supply chains and promote EV battery technologies. Notably, the deal allows minerals from Japan to meet sourcing requirements for U.S. electric vehicle tax credits, unlocking up to $7,500 per vehicle. The critical minerals agreement was "negotiated in warp-speed time" when similar deals "usually take years," David Boling, Eurasia Group director for Japan and Asian trade, told CNBC. Hybrid EVs still account for 96.8% of new EV sales in the country, according to the Japan Automobile Dealers Association. EV supply chain strainJapan depends on China for critical minerals essential to the production of EV components.

Persons: Yasuhide Mizuno, Kiyoshi Ota, David Boling, Boling, Eurasia's, BEV, China's, Kristin Vekasi Organizations: Sony Honda Mobility, Sony, Bloomberg, Getty, Japan, U.S, U.S ., EV, Eurasia Group, CNBC, U.S . Trade, Honda, Toyota, Nissan, Japan Automobile Dealers Association, International Energy Agency, Argonne National Laboratory, IEA, University of Maine, Hitachi Metals, Nikkei Locations: Tokyo, Japan, U.S, China, Nikkei Asia

☆ Rakuten Bank’s Explosive Market Debut Is Justified
▼ + stars: | 2023-04-21 | by ( Jacky Wong | ) www.wsj.com time to read: 1 min

Rakuten Bank’s listing ceremony at the Tokyo Stock Exchange on Friday. Photo: Kiyoshi Ota/Bloomberg NewsWhat banking crisis? For the initial public offering of Japan’s largest internet bank, shares are flying out of the door. Shares of Rakuten Bank , controlled by one of Japan’s largest e-commerce companies, jumped 38% on their first day of trading Friday after the bank raised $627 billion from its IPO, the biggest public offering in the country since 2018.

REUTERS/Rebecca Cook/File PhotoMarch 6 (Reuters) - American carmakers will lean on technology to keep the horsepower wars going among their electric muscle cars, a tectonic shift from the big, rumbling motors of the past. GM and Dodge have both issued timelines to stop selling gas-powered muscle cars and replace them with electric variants that will wear the same badges. Dodge's Charger and Challenger muscle cars will not be made next year, while Chevrolet has laid out plans for an electric Corvette. Brands such as Polestar and Mercedes-Benz (MBGn.DE) have announced optional power upgrades to their sedans that improve acceleration and total horsepower via paid OTA (over-the-air) software updates. Dodge has said it will transition its muscle cars to an electric platform, and is working to differentiate those models.

☆ Tesla recalls 362,000 U.S. vehicles over Full Self-Driving software
▼ + stars: | 2023-02-16 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Companies Tesla Inc FollowWASHINGTON, Feb 16 (Reuters) - Tesla Inc (TSLA.O) is recalling 362,000 U.S. vehicles because its Full Self-Driving (FSD) Beta software may cause a crash, the National Highway Traffic Safety Administration (NHTSA) said on Thursday. The auto safety regulator said the Tesla software allows a vehicle to "exceed speed limits or travel through intersections in an unlawful or unpredictable manner increases the risk of a crash." Tesla will release an over-the-air (OTA) software update, free of charge. NHTSA said "the system may respond insufficiently to changes in posted speed limits or not adequately account for the driver's adjustment of the vehicle's speed to exceed posted speed limits." Tesla and NHTSA say FSD's advanced driving features do not make the cars autonomous and require drivers to pay attention.

☆ Wall Street luminaries say it's time to get out of the stock market before the Fed crushes the economy
▼ + stars: | 2023-02-15 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Tuesday's CPI data showed inflation climbed 0.5% in January, slightly higher than expected, and year-over-year it slowed to 6.4%. Prices, it seems, aren't cooling down as smoothly or quickly as anyone wants, especially the Fed. To Kolanovic, a recession is all but guaranteed if the Fed is serious about its 2% inflation target. And like Kolanovic, Morgan Stanley Wealth Management investment chief Lisa Shalett warned that Fed policy is going to pull stocks lower. US stock futures fall early Wednesday, as investors pick over yesterday's CPI inflation report to assess what it means for the Fed.

☆ 12 things your Airbnb hosts wish they could tell you
▼ + stars: | 2023-01-26 | by ( Gabbi Shaw | ) www.businessinsider.com time to read: +9 min

But dealing with an Airbnb host, as opposed to a hotel concierge, can be tricky. We spoke to Airbnb hosts across the US — here are 12 things they wish they could tell all guests. Insider spoke to multiple Airbnb hosts and asked them what they wished they could tell their guests. First things first: Don't use Airbnb or similar services, like VRBO, if you don't have toMultiple Airbnb hosts told Insider they'd actually prefer leaving Airbnb out of the process altogether. Some hosts simply shouldn't be hosts — don't let that put you off Airbnb"The main reason people should get into this business is to provide exceptional service to guests.

☆ Akio Toyoda steps down: Toyota names Koji Sato new CEO
▼ + stars: | 2023-01-26 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Toyota’s longtime president and CEO Akio Toyoda is stepping down and handing over the reins of the world’s largest automaker to Lexus chief Koji Sato. The Japanese company announced the shakeup Thursday, saying that Toyoda would be appointed chairman of the board as Sato takes over daily management. Takeshi Uchiyamada, Toyota’s current chairman, will resign from his post but remain on the board, the company said. “I believe that over the past 13 years, I have built a solid foundation for passing the baton forward.”Akio Toyoda, president of Toyota, speaking at the company's showroom in Tokyo on Dec. 14, 2021. Sato will take over as CEO of Toyota in April.

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