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☆ Japan needs stable, sustained inflation, government executive says
▼ + stars: | 2023-02-05 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Feb 5 (Reuters) - Japanese Deputy Chief Cabinet Secretary Seiji Kihara on Sunday stressed the need to achieve an economy where inflation rises stably and sustainably, when asked whether the next central bank governor should maintain ultra-easy monetary policy. "What's important is to create economic conditions where prices rise stably and sustainably," Kihara told a television programme. "As for the next BOJ governor, the prime minister will choose who he thinks is the most appropriate person," he said. "It's important for monetary, and the broader macro-economic policy, to be stable." Reporting by Leika Kihara; Editing by Lincoln Feast.

☆ Japan government has sounded out Amamiya about becoming BOJ governor -Nikkei
▼ + stars: | 2023-02-05 | by ( ) www.reuters.com time to read: +2 min

The next BOJ chief will face the delicate task of normalising ultra-loose monetary policy, which is drawing increasing public criticism for distorting market function. A career central banker who has drafted many of the BOJ's monetary easing tools, Amamiya has been seen by markets as a top contender to take over as next governor. The Nikkei report did not say whether Amamiya accepted the offer. The prime minister's office and the BOJ were not immediately available to comment on the Nikkei report outside of regular office hours. Amamiya and Masazumi Wakatabe are currently serving as deputy governors, but their five-year terms end on March 19.

☆ NATO chief urges closer ties with Japan to defend democracy
▼ + stars: | 2023-02-01 | by ( ) www.cnbc.com time to read: +3 min

General Jens Stoltenberg (left) shakes hands with Japanese Prime Minister Fumio Kishida (right) on Jan. 31, 2023 in Tokyo, Japan. Stoltenberg visits Japan to strengthen bilateral ties between the country and the E.U. Calling it a "critical moment for NATO and for Japan," Stoltenberg, who is visiting Tokyo, said China and Russia are "leading an authoritarian pushback against international rules-based order." "China is not our adversary, but we must understand the scale of the challenge and work together to address it." Kishida said he and Stoltenberg agreed to advance ties in areas such as cyberspace, space, disinformation, and critical and emerging technology.

☆ Japan Inc strives to lure skilled workers as inflation, labour crunch bite
▼ + stars: | 2023-01-30 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +7 min

[1/2] A worker assembles an air drill at the factory of manufacturer Katsui Kogyo in Higashiosaka, Japan June 23, 2022. About a quarter of Japanese firms have offered inflation allowances or plan to do so, said corporate credit research firm Teikoku Databank. read moreThe private sector expects the drive to help boost productivity, meshing with Prime Minister Fumio Kishida's "new capitalism" initiative on wealth distribution that put a top priority on wage hikes. "Bonuses or inflation allowances would have only a limited impact on easing the pain of cost-push inflation, as consumers tend to save one-off payouts rather than spend," added Kiuchi, now an executive economist at the Nomura Research Institute. Workers have high expectations from this year's labour talks, which they hope will counter cost-push inflation while tackling the tight labour market to help boost the economy.

☆ Japan sees rising interest rates expanding its growing debt pile
▼ + stars: | 2023-01-24 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

The latest projections showed the budget target will be met in fiscal 2026. Rises in interest rates will test the government's ability to service the industrial world's heaviest debt burden at more than double the size of Japan's annual gross domestic product. "We see underlying interest rates to be somewhat higher, which will cause outstanding government debt to deviate upward due to the BOJ's move last month," a Cabinet Office official said. In comparison, the previous estimates issued in July showed long-term rates to stick to 0.1% in fiscal 2022-2025. The projections show that in case long-term interest rates rise by an additional 0.5 percentage-points, that would increase the government debt-to-GDP ratio by 3.3 percentage-points.

☆ Japan PM keeps markets guessing on new BOJ governor
▼ + stars: | 2023-01-22 | by ( ) www.reuters.com time to read: +2 min

[1/2] Japan's Prime Minister Fumio Kishida speaks during a news conference following the US-Japan summit in Washington, U.S., January 14, 2023. REUTERS/Julia Nikhinson/FilesTOKYO, Jan 22 (Reuters) - Japanese Prime Minister Fumio Kishida said on Sunday that he would take the April economic situation into account when choosing the next Bank of Japan (BOJ) governor, keeping markets guessing who may replace incumbent Haruhiko Kuroda. Speculation is rife among some market players that the central bank may shift away from its stimulus policy when the BOJ leadership changes. There's also talk about possible changes to the policy accord between the central bank and the government in which the BOJ pledges to achieve its 2% inflation target at the earliest possible time. The BOJ stunned markets last month by doubling the allowed band to 50 basis points either side of its 0% 10-year yield target.

☆ Utility company executives acquitted of negligence in Fukushima nuclear disaster
▼ + stars: | 2023-01-19 | by ( ) www.cnbc.com time to read: +4 min

The Fukushima Dai-ichi Nuclear Power plant after a massive earthquake and subsequent tsunami on March 14, 2011 in Futaba, Japan. DigitalGlobe | Getty ImagesA Japanese court on Wednesday found three former utility company executives not guilty of negligence over the 2011 Fukushima nuclear power plant disaster and the subsequent deaths of more than 40 elderly residents during their forced evacuation. watch nowThe acquittal disappointed and angered dozens of Fukushima residents and their supporters who attended the ruling or rallied outside the court. It's so irresponsible," said Yuichi Kaido, a lawyer representing the Fukushima residents. The Supreme Court in June, however, said the disaster was unforeseeable and dismissed compensation demands by thousands of residents.

☆ Most big Japanese firms heed prime minister's call to raise wages this year
▼ + stars: | 2023-01-18 | by ( Rocky Swift | ) www.reuters.com time to read: +4 min

That push was boosted last week when Uniqlo operator Fast Retailing Co (9983.T) said it would raise wages by as much as 40%. Another 29% said they would carry out regular pay increases only, while 38% were undecided. "Prime Minister Kishida has been saying raise wages, raise wages, but the decision to hike pay isn't done on the words of a prime minister or president," said Masayuki Kubota, chief strategist at Rakuten Securities. Smaller firms generally cannot increase pay, business owners, economists and officials say, because they often struggle to pass on higher costs out of fear of losing customers. The Reuters Corporate Survey, conducted for Reuters by Nikkei Research between Dec. 23 and Jan. 13, canvassed 495 big non-financial Japanese firms on condition of anonymity, allowing them to speak more freely.

☆ Russian ex-President Medvedev says Japanese PM should disembowel himself
▼ + stars: | 2023-01-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Leah MillisJan 14 (Reuters) - Former Russian President Dmitry Medvedev accused Japanese Prime Minister Fumio Kishida on Saturday of shameful subservience to the United States and suggested he should ritually disembowel himself. Medvedev is a prominent ally of President Vladimir Putin who serves as deputy chairman of Russia's Security Council and of a body overseeing the defence industry. Rather than demanding U.S. repentance for this, Kishida had shown he was "just a service attendant for the Americans". Since Russia's invasion of Ukraine, Medvedev has warned repeatedly that Western meddling in the crisis could lead to nuclear war, and has referred to Ukrainians as "cockroaches" in language Kyiv says is openly genocidal. Putin has said that the risk of a nuclear war is rising but insisted Russia has not "gone mad" and that it sees its own nuclear arsenal as a purely defensive deterrent.

☆ Biden and Kishida discuss Japan ‘stepping up’ security
▼ + stars: | 2023-01-13 | by ( ) www.cnbc.com time to read: +7 min

Inside the Oval Office, the U.S. president praised Japan for its "historic" increase in defense spending and pledged close cooperation on economic and security matters. Japan's defense spending has historically remained below 1% of GDP. "Japan is stepping up and doing so in lockstep with the United States," White House National Security Council spokesman John Kirby said. Kishida also discussed with Canadian Prime Minister Justin Trudeau, Italian Prime Minister Giorgia Meloni and French President Emmanuel Macron his hopes to improve security cooperation between Japan and their respective nations. Kishida met with Vice President Kamala Harris on Friday before his meeting with Biden to discuss U.S.-Japan space cooperation and other issues.

[1/2] U.S. President Joe Biden and Japanese Prime Minister Fumio Kishida attend the Japan-U.S.-Australia-India Fellowship Founding Celebration event, in Tokyo, Japan, May 24, 2022. Kishida is in Washington as the last stop in a tour of countries of the G7 industrial powers. U.S. and Japanese foreign and defense ministers met on Wednesday and announced stepped-up security cooperation and the U.S. officials Tokyo's praised military buildup plans. He called the Japanese defense reforms "really, really significant." Reporting by David Brunnstrom and Michael Martina; Editing by Don Durfee and Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

☆ Professor discusses Japanese prime minister's Washington visit
▼ + stars: | 2023-01-13 | 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 EmailKishida's Washington visit could give marginal boost to his approval rating: ProfessorMasahiro Matsumura of St. Andrew's University says the Japanese public hasn't been confident about Prime Minister Fumio Kishida "but there is no alternative so far."

☆ Japan prosecutors indict Yamagami for murder of ex-Prime Minister Abe -Yomiuri
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Jan 13 (Reuters) - Japanese prosecutors on Friday indicted the man suspected of killing former Prime Minister Shinzo Abe, Yomiuri newspaper reported. Nara District Public Prosecutors Office indicted Tetsuya Yamagami, 42, on murder charges as well as for violating gun laws after concluding a roughly six-month psychiatric evaluation, the newspaper reported. The Unification Church was founded in South Korea in 1954 and famous for its mass weddings, relying on its Japan followers as a key source of income. The approval rate for Prime Minister Fumio Kishida's government had fallen to record laws amid revelations about connections between the church and many LDP lawmakers. In November, Japan launched a probe into the church that could threaten its legal status following the assassination of Abe.

Tokyo Electron (8035.T), Japan's leading chip manufacturing equipment maker, relies on China for about a quarter of its revenue. The other top producers of chip-making gear are the United States and the Netherlands, home to ASML (ASML.AS), another of the world's biggest makers of chip-making tools. SEEKING A DEALU.S. officials are quick to play down the differences between the United States, Japan and other allies. But unless Japan and the Netherlands impose their own export controls, China will soon perfect other ways of getting the equipment it needs, even as American companies stand to lose market share. "For better or worse, Japan's semiconductor strategy is moving in accordance with what the United States wants."

David Mareuil/Pool via REUTERS/File PhotoJan 3 (Reuters) - U.S. President Joe Biden will hold talks with Japan Prime Minister Fumio Kishida at the White House on Jan. 13 to discuss North Korea, Ukraine, China's tensions with Taiwan, and a "free and open Indo-Pacific," the White House said on Tuesday. The White House said Biden will reiterate his full support for Japan’s recently released National Security Strategy. "The leaders will celebrate the unprecedented strength of the U.S.-Japan Alliance and will set the course for their partnership in the year ahead," said the statement from White House press secretary Karine Jean-Pierre. On a visit to Japan in May, Biden applauded Kishida’s determination to strengthen Japanese defense capabilities. "Japan’s defense strategy calls for the introduction of U.S.-made Tomahawk cruise missiles in the near term, but does not specify a timeline.

☆ Ex-BOJ deputy Yamaguchi emerging as next c.bank head contender -Sankei
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Dec 29 (Reuters) - Former Bank of Japan Deputy Governor Hirohide Yamaguchi, a vocal critic of Governor Haruhiko Kuroda's stimulus programme, is emerging as a strong candidate to become next head of the central bank, the Sankei newspaper reported on Thursday. Yamaguchi had been considered a less likely candidate compared with deputy governor Masayoshi Amamiya and former deputy Hiroshi Nakaso. But Yamaguchi is attracting more attention as a strong candidate as Kishida's administration distances itself from Abenomics, the Sankei said, adding that Kishida's choice of new BOJ governor will become clear as early as next month. A career central banker with deep experience in monetary policy drafting, Yamaguchi served as deputy governor for five years until 2013. Since retiring from the BOJ, Yamaguchi has warned of the rising cost of prolonged easing and criticised Kuroda's stimulus as relying too much on the view that central banks can influence public perception with monetary policy.

☆ Japan PM floats possibility of snap election before defence budget tax hike
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Dec 28 (Reuters) - Japanese Prime Minister Fumio Kishida on Tuesday floated the possibility of calling a snap election before a tax increase aimed at funding the country's defence budget comes into place "sometime after 2024". The government is set to implement tax increases to cover a shortfall of 1 trillion yen in the defence budget, despite stiff opposition from within the ruling coalition amid Kishida's sagging popularity. "We will be asking the general public to take on the (tax) burden for an appropriate period of time, starting from sometime after 2024 up to 2027. The next national election is due by 2025, unless Kishida calls for a snap election. Kishida revealed a new national security plan in mid-December and has pledged to double defence outlay to 2% of Japan's GDP by 2027.

☆ Japan to make raising wages a top priority, says senior govt official
▼ + stars: | 2022-12-28 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

"The biggest challenge for Japan's economy is a lack of wage growth. Unless wages rise, consumption won't pick up and companies won't increase investment," Kihara said, speaking during a television programme. While companies are responsible for deciding how much they hike pay, the government can help achieve higher wages through tax incentives, Kihara said. "The government will increase its focus on achieving wage growth. Japan's consumer inflation hit a four-decade high of 3.7% in November, well above the BOJ's target, hitting households who have yet to see wages rise enough to make up for the spike in prices of consumers goods.

☆ Fourth Japan minister exits PM Kishida's four-month-old cabinet
▼ + stars: | 2022-12-27 | by ( Sakura Murakami | ) www.reuters.com time to read: +1 min

[1/2] Japan's Reconstruction Minister Kenya Akiba visits at Yasukuni Shrine on the 77th anniversary of Japan's surrender in World War Two, in Tokyo, Japan August 15, 2022. REUTERS/Issei KatoTOKYO, Dec 27 (Reuters) - Japanese reconstruction minister Kenya Akiba tendered his resignation to Prime Minister Fumio Kishida on Tuesday, becoming the fourth minister to leave the cabinet created by Kishida in August. Three other ministers have quit in close succession due to scandals, some involving funding and ties with the Unification Church. "It was a difficult decision to make, but I tendered my resignation to the prime minister as I felt I must not hamper the debates in parliament," he added. Akiba will be replaced by former reconstruction minister Hiromichi Watanabe, Kyodo News reported on Tuesday.

☆ Japan PM Kishida to replace embattled reconstruction minister Akiba - NHK
▼ + stars: | 2022-12-26 | by ( Sakura Murakami | ) www.reuters.com time to read: +2 min

TOKYO, Dec 26 (Reuters) - Japanese Prime Minister Fumio Kishida, who is battling low approval ratings, will replace a government minister for the fourth time since he created his current cabinet in August, public broadcaster NHK reported on Monday. Discussions on a replacement for Kenya Akiba, minister responsible for overseeing the reconstruction of areas hit by Japan's massive earthquake and tsunami in 2011, are still underway, the broadcaster said. NHK initially reported that Akiba will be replaced by former financial services agency minister Tatsuya Ito, but later corrected that report to say a successor has not been picked. That's all I can say," Kishida said on Monday when asked whether he planned to replace Akiba. Kishida also plans to replace Mio Sugita, his Parliamentary Vice-Minister for Internal Affairs, Kyodo reported on Monday citing multiple unidentified government sources.

The budget - endorsed by Prime Minister Fumio Kishida's cabinet on Friday - features record military and welfare spending as it confronts regional security challenges from an ever-assertive China and an unpredictable North Korea. Reuters GraphicsRECORD MILITARY, WELFARE SPENDINGThe need for more military spending comes at a time of intensifying economic challenges as the Ukraine war, soaring inflation and rising rates worldwide push the global economy to the brink of recession. For fiscal 2023, the defence spending will rise to 6.8 trillion yen, up 1.4 trillion yen from this year. The government also set aside 3.4 trillion yen to help finance its five-year defence build-up plan. On the brighter side, tax revenue is estimated at a record 69.4 trillion yen thanks in part to recovery in corporate profits, allowing the government to reduce new bond sales by 1.3 trillion yen to 35.6 trillion yen.

☆ Japan unveils record budget in boost to military capacity
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +2 min

[1/2] Japan's Prime Minister Fumio Kishida attends a press conference in Tokyo, Japan, on December 16, 2022, addressing some topics such as National Security Strategy, political and social issues facing Japan in today's World crisis. To fund defence spending for military facilities, warships and other vessels, the government decided to use construction bonds worth 434.3 billion yen, to be issued in fiscal 2023, in an unprecedented move. The budget got a boost from Kishida's controversial plan to double Japan' defence spending to 2% of GDP by 2027, straining Japan's already tattered finances under the weight of public debt at 2.5 times the size of its economy. In a brighter sign for the economy, the budget draft expected Japan to rake in a record tax revenue worth 69.44 trillion yen, reflecting improving corporate profits and 69.44 trillion yen to lower new bond issuance to 35.62 trillion yen. The budget assumed next fiscal year's exchange rate at 137 yen to the dollar, the weakest since 2010, in calculating fiscal 2023 budget spending for defence and diplomacy, the officials said.

Tokyo aims to achieve a primary budget surplus, excluding new bond sales and debt servicing costs, by the fiscal year ending March 2026. The budget's size at 114.4 trillion yen marks a big jump from the current fiscal year's initial figures at 107.6 trillion yen. For fiscal 2023, the defence spending amounts to 6.8 trillion yen, up 1.4 trillion yen from this year. The government would also set aside 3.4 trillion yen to help finance its five-year defence build-up plan. On the brighter side, tax revenue is seen hitting a record 69.4 trillion thanks in part to recovery in corporate profits, allowing the government to reduce new bond sales by 1.3 trillion yen to 35.6 trillion yen.

☆ Russia condemns "militarization" of Japan under Kishida defence plan
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +2 min

Dec 22 (Reuters) - Russia accused Japan on Thursday of abandoning decades of pacifist policy and embracing "unbridled militarization", responding to a $320-billion defence plan announced by Prime Minister Fumio Kishida last week. Kishida's plan will double defence outlays to about 2% of gross domestic product over five years and make Japan the world's third-biggest military spender after the United States and China. It reflects Japan's concern that Russia's invasion of Ukraine sets a precedent that will encourage China to attack Taiwan. Russia said such a move will "inevitably provoke new security challenges and will lead to increased tension in the Asia-Pacific region". They have plummeted further since Russia invaded Ukraine in February, prompting Japan to join its Group of Seven (G7) partners in imposing sanctions on Moscow.

☆ Analysis: Kuroda's abrupt policy tweak opens door for bigger shift next year
▼ + stars: | 2022-12-21 | by ( Leika Kihara | ) www.reuters.com time to read: +6 min

Waiting until next year would have forced the BOJ to combat intensifying market speculation of a near-term policy shift, or act when a deep U.S. recession could hit Japan's economy, they say. "When uncertainty is so high over the outlook for U.S. monetary policy, it probably wants to have a free hand on when next to act." POLITICS KEY TRIGGERThe abrupt timing of Tuesday's move also reflects growing political pressure for the BOJ to shift away from a policy narrowly focused on its 2% inflation target, the sources say. Hours before he met Kishida, Kuroda explained in parliament a framework on how the BOJ could exit ultra-easy policy in the future. Another dovish board member, Asahi Noguchi, also said earlier this month it "won't be surprising" for the BOJ to shift monetary policy.

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