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☆ Mitsubishi Motors to sell only EVs, hybrids by mid-2030s
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

[1/3] A Mitsubishi Motors signage is pictured next to a Mitsubishi Motors electric car at the Tokyo Motor Show, in Tokyo, Japan October 24, 2019. Mitsubishi considers plug-in hybrids (PHEV), hybrid electric vehicles and battery electric vehicles (BEV) as electrified vehicles. Electrified vehicles accounted for about 7% of the company's total new car sales in fiscal 2021. Mitsubishi, an early mover in EVs in the early 2010s, currently has no BEVs in its line-up in Europe. Of the other 14 models Mitsubishi plans to launch, seven will be purely combustion engine-powered ones, five will be hybrids and the remaining two will be BEV, the company said.

☆ Japan, Britain, Italy defence ministers to meet in Tokyo this week
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

TOKYO, March 14 (Reuters) - Britain and Italy's defence chiefs will visit Japan this week to hold meetings with their local counterpart, Defence Minister Yasukazu Hamada, Japan said on Tuesday. Hamada will host a trilateral meeting with British Defence Secretary Ben Wallace and Italian Defence Minister Guido Crosetto on Thursday, Japan's defence ministry said. He will also hold bilateral meetings with them. The three nations will discuss the jet fighter project, which marks Japan's first major industrial defence collaboration beyond the United States since World War Two. Reporting by Kaori Kaneko Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

☆ Mitsubishi Motors to electrify 100% of its fleet by 2035 - Yomiuri
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

TOKYO, March 10 (Reuters) - Japanese carmaker Mitsubishi Motors Corp (7211.T) plans to electrify 100% of its fleet by 2035 through active introduction of hybrid and electric vehicles (EV), the Yomiuri Shimbun daily said on Friday. Mitsubishi is a junior member of the partnership of French carmaker Renault SA (RENA.PA) and Nissan Motor Co (7201.T), which last month announced a deal to redesign their alliance. Mitsubishi had previously said it would have 50% of its fleet electrified by 2030, a goal the Yomiuri said would remain unchanged, with emphasis then being on pushing forward with electrification over the next five years. Mitsubishi also plans on introducing EVs in Europe, it added, saying the company would make an announcement about its plans soon. The company, which is scheduled to hold a news conference later on Friday, declined to comment when asked about the report.

Businesses, under government pressure to increase wages to boost household consumption, are struggling to motor on in the face of muted demand. Japan GDP revised down on weak consumptionPrivate consumption, which makes up more than half of the country's GDP, grew 0.3%, the data showed, downgraded from an initial estimate of a 0.5% increase. Consumption of goods was also less solid than previously estimated, the data showed. Domestic demand as a whole knocked 0.3 percentage point from revised GDP growth, slightly more than initially estimated, while net exports added 0.4 percentage point. Reporting by Kantaro Komiya and Eimi Yamamitsu Editing by Chang-Ran Kim & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Under the plan, South Korea would compensate former forced labourers through an existing public foundation funded by private-sector companies, South Korea's Foreign Minister Park Jin told a briefing. SOUTH KOREAN FUNDSRelations plunged to their lowest point in decades after South Korea's Supreme Court in 2018 ordered Japanese firms to pay reparations to former forced labourers. Overall there are fewer than 1,300 living victims of forced labour in South Korea, according to media estimates. The South Korean companies include KT&G (033780.KS), Korea Electric Power Corp (KEPCO) (015760.KS) and other companies that benefited from a 1965 treaty between South Korea and Japan. Asked whether Japanese companies would pitch in to compensate, Park said both Japanese and South Korean businesses were considering a plan to contribute.

☆ Japan authorities seek criminal charges against Dentsu, others over Olympics contracts
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Feb 28 (Reuters) - Japan's Fair Trade Commission said on Tuesday it filed criminal complaints against Dentsu (4324.T) and five other firms as well as seven individuals over alleged bid-rigging on contracts for the Tokyo 2020 Olympics. The complaint marks the latest development in months of investigations into alleged corruption in the planning and sponsorship of the Tokyo Olympics and Paralympics Games, held in 2021 after a pandemic-driven postponement. Tokyo prosecutors are planning to the bring the charges on Tuesday, Kyodo News agency said. Dentsu, Cerespo and Fuji Creative have already been barred from bidding for contracts at the industry, foreign and education ministries for nine months. Reporting by Satoshi Sugiyama, Kantaro Komiya, Kaori Kaneko; Editing by Chang-Ran Kim and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

☆ Toyota's vehicle production up by 8.8% in January, still short of plan
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Feb 27 (Reuters) - Toyota Motor Corp (7203.T) boosted global vehicle production by 9% in January, it said on Monday, marking its first increase in three months but still coming short of its plan due to COVID-19-related parts shortages. Toyota, the world's largest automaker by volume, said it produced 689,090 vehicles globally in January, an 8.8% increase from the same month last year. That was just short of the 700,000 vehicles it previously said it expected to produce for the month. That does not include production from its Daihatsu Motor Co and Hino Motors Ltd (7205.T) units. Domestic production rose sharply, increasing by 30% to 211,572 vehicles, it said.

☆ Japan Post Holdings to sell down stake in Japan Post Bank in $9 bln deal
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Feb 27 (Reuters) - Japan Post Holdings (6178.T) will sell down its stake in Japan Post Bank (7182.T) to under 65% from the current 89%, it said on Monday, in a deal that could be worth about 1.26 trillion yen ($9.25 billion). Announcing the secondary offering, Japan Post Bank said its parent would sell about 975 million shares globally, including agreenshoe option of 28.4 million shares overseas. With an overallotment of an additional 113.6 million shares in the domestic market, the sale could exceed 1 billion shares, which would reduce Japan Post Holdings' stake in the banking arm to 60%. Along with separately announced share buybacks and retirement of treasury shares, Japan Post Bank said it would meet the Tokyo Stock Exchange's requirements on share liquidity and help clear the way to stay listed on the top section of the bourse. Japan Post Bank said it would buy back up to 4.5%, or 150 billion yen worth of its own shares and cancel them.

☆ North Korea may try to pressure U.S. with ICBM, nuclear tests - S.Korean lawmakers
▼ + stars: | 2023-02-22 | by ( Hyonhee Shin | ) www.reuters.com time to read: +3 min

[1/3] A Hwasong-15 intercontinental ballistic missile (ICBM) is launched at Pyongyang International Airport, in Pyongyang, North Korea February 18, 2023 in this photo released by North Korea's Korean Central News Agency (KCNA). KCNA via REUTERSSEOUL, Feb 22 (Reuters) - North Korea could test-fire intercontinental ballistic missiles on a lower, longer trajectory and conduct its seventh nuclear test this year to perfect its weapons capabilities, South Korean lawmakers said on Wednesday, citing intelligence officials. The briefing came as the U.S., South Korean and Japanese navies staged joint tactical drills on Wednesday in waters between the Asian neighbours. A Japanese escort vessel and U.S. and South Korean destroyers joined the training aimed at stepping up trilateral ballistic missile responses, Tokyo's defence ministry said. Youn Kun-young, another member of the committee, said North Korea might also develop solid fuel-based ICBMs this year, and confirmed the defence ministry's report that Chinese spy balloons did not enter South Korean airspace.

TOKYO, Feb 22 (Reuters) - Toyota Motor Corp (7203.T), the world's biggest automaker, said on Wednesday it would accept a union demand for the biggest base salary increase in 20 years and a rise in bonus payments, as Japan steps up calls for businesses to hike pay. As one of Japan's biggest employers, Toyota has long served as a bellwether of the spring labour talks, which are in full swing at major companies. The All Toyota Workers' Union is set to hold a media briefing later on Wednesday. "We will boost consumption and expand domestic demand by promoting efforts toward structural wage increases," Kishida said at a lower house budget committee session on Wednesday. Video game maker Nintendo Co Ltd (7974.T) said earlier this month that it planned to lift workers' base pay by 10%, despite trimming its full-year profit forecast.

☆ Toyota to accept full union demand for wage hike for 3rd straight year - Asahi
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Feb 22 (Reuters) - Toyota Motor Corp (7203.T), the world's biggest automaker, will accept a union demand in full for a rise in wages and bonus payments for a third consecutive year, the Asahi newspaper reported on Wednesday. Toyota will disclose its decision at the first round of wage negotiations scheduled on Wednesday, the paper said. As one of the country's biggest employers, Toyota has long served as a bellwether of the spring labour talks. Toyota's labour union has said that this time it is seeking a base salary increase that would be "the highest level in the past 20 years". The Asahi said it was also seeking one-off bonus payments worth 6.7 months of wages.

☆ Toyota will start electric SUV production in US as early as 2025 -Nikkei
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: 1 min

Companies Toyota Motor Corp FollowTOKYO, Feb 21 (Reuters) - Toyota Motor Corp (7203.T) will begin producing mid- to large-sized electric sports utility vehicles (SUVs) at its Kentucky plant as early as in summer 2025, aiming for monthly output of more than 10,000 by the year's end, the Nikkei business daily reported on Tuesday. The company aims to sell about 1 million electric vehicles globally by 2026, according to the report. Toyota spokesperson said the reported details were not something the company had announced, and that there was no decision yet on when EV production would start in the United States. Reporting by Tokyo Newsroom Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

☆ Leiji Matsumoto, creator of 'Space Battleship Yamato', dies aged 85
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Feb 20 (Reuters) - Leiji Matsumoto, the Japanese manga and anime author known internationally as a creator of the 1970s TV series "Space Battleship Yamato", has died aged 85, his office said on Monday. Matsumoto gained global fame as director of the series, which was titled "Star Blazers" in the United States. Other well-known works include the manga series "Galaxy Express 999", which was also turned into a popular anime series. Matsumoto, who started drawing at the age of six, died of heart failure on Feb. 13 in Tokyo, Japanese media reported. Reporting by Kaori Kaneko; Editing by Chang-Ran Kim and Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

☆ North Korea fires ballistic missiles, warns of turning Pacific into 'firing range'
▼ + stars: | 2023-02-19 | by ( Soo-Hyang Choi | ) www.reuters.com time to read: +3 min

SEOUL, Feb 20 (Reuters) - North Korea fired two ballistic missiles off its east coast, South Korea's military said on Monday, as the powerful sister of leader Kim Jong Un warned the isolated and nuclear-armed state could turn the Pacific into a "firing range". The launches come just two days after North Korea fired an intercontinental ballistic missile (ICBM) into the sea off Japan's west coast, prompting joint air exercises by the United States and South Korea on Sunday. "North Korea's series of actions, including its repeated ballistic missile launches, threaten the peace and security of Japan, the region, and the international community," the ministry said. "Japan lodged a strong protest and forcefully condemned North Korea." "The frequency of using the Pacific as our firing range depends upon the U.S. forces' action character."

☆ Nissan, Renault to invest $600 million to make 6 new models in India
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike BlakeTOKYO, Feb 13 (Reuters) - Nissan Motor Co (7201.T) and Renault SA (RENA.PA) said on Monday they would invest $600 million to make six new models in India, one of three markets in which the two automakers plan to coordinate closely in a revamped alliance announced last week. Two models would be electric vehicles (EVs), the companies' first in India; the others would be sports utility vehicles. Unlike Nissan, Renault does not have a significant presence China, the United States and Japan, raising the stakes for its success in India. Industry-wide sales in India surged 23% last year to 4.4 million vehicles, overtaking the Japanese market, according to S&P Global Mobility. The Chennai plant can produce about 500,000 vehicles a year, but last year Renault sold only 87,000 in India and Nissan 35,000.

☆ Japan's Kishida says global communication skills key criteria for picking new BOJ head
▼ + stars: | 2023-02-08 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

"I'd like to select (the next BOJ governor) taking these factors into account," Kishida said, when asked by an opposition lawmaker what the qualifications Kuroda's successor must have. Markets are closely watching the appointment of the new BOJ governor for clues on how quickly the central bank could phase out its massive stimulus programme. The government is considering presenting to parliament its nominees for next BOJ governor and two deputy governors next week, sources told Reuters. Kishida had earlier said no decision had been made, after the Nikkei newspaper reported on Monday the government has sounded out BOJ Deputy Governor Masayoshi Amamiya to succeed Kuroda. Among other key contenders, former BOJ Deputy Governor Hiroshi Nakaso has long experience overseeing the BOJ's market operations and international affairs.

☆ Shares of Japan's Nintendo, SoftBank and Sharp tumble after earnings
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

Shares of Nintendo dropped 6% after the maker of the Switch video game console reported lower sales and profit and cut its full-year outlook. Nintendo shares were on track for their biggest one-day loss since November. SoftBank shares fell 6.2% after it reported a quarterly loss, hit by its massive Vision Fund investment unit, which fell into the red for the fourth straight quarter. Nintendo is struggling with softer sales for the ageing Switch, while SoftBank has seen valuations weaken for its sprawling tech portfolio. "The Nintendo Switch is now a six-year-old console and demand is now exhausted," analyst Mark Chadwick said on Smartkarma.

☆ Shares of Nintendo, SoftBank tumble after earnings
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

Shares of Nintendo dropped 7.6% after the maker of the Switch video game console reported lower sales and profit and cut its full-year outlook. Nintendo shares were on track for their biggest one-day loss since late 2021. SoftBank shares fell 6.6% after it reported a quarterly loss, hit by its massive Vision Fund investment unit, which fell into the red for the fourth straight quarter. Nintendo is struggling with softer sales for the ageing Switch, while SoftBank has seen valuations weaken for its sprawling tech portfolio. "The Nintendo Switch is now a six-year-old console and demand is now exhausted," analyst Mark Chadwick said on Smartkarma.

☆ Ex-Tokyo Olympics official, ad execs arrested in bid-rigging scandal
▼ + stars: | 2023-02-08 | by ( Kantaro Komiya | ) www.reuters.com time to read: +3 min

TOKYO, Feb 8 (Reuters) - Japanese prosecutors arrested on Wednesday a former Tokyo Olympics organising committee official and executives at three advertising agencies on suspected bid-rigging of test events for the Games, the Tokyo District Public Prosecutors Office said. The media reports later said the prosecutors also arrested three executives at advertising and event-planning firms Dentsu Inc (4324.T), Cerespo Co (9625.T) and Fuji Creative Corporation, a subsidiary of Fuji Media Holdings Inc (4676.T). Dentsu said in a statement that a former employee, who currently works at a group firm in Japan, was arrested. The bid-rigging investigation comes after a bribery scandal, in which Haruyuki Takahashi, a former member of the Tokyo 2020 Olympics board and before that a Dentsu executive, was arrested in August on suspicion of receiving bribes from Olympic sponsors. Executives from ADK, suits retailer Aoki Holdings (8214.T) and publishing firm Kadokawa (9468.T) have also been arrested in connection with the bribery scandal.

☆ BOJ's deputy governor warns against watering down inflation target
▼ + stars: | 2023-02-02 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

Wakatabe, a vocal proponent of aggressive monetary easing, said watering down the inflation target risked making the objective of the BOJ's monetary policy too vague. "It could undermine the transparency of monetary policy and its effectiveness," he said in a speech. But there was uncertainty on whether such changes in the price outlook would be sustained and help Japan achieve the inflation target in a sustainable manner, he said. The outcome of annual wage negotiations between businesses and unions would be crucial, Wakatabe said, stressing the importance of achieving solid wage increases for Japan to see inflation sustainably meet the BOJ's price target. "The BOJ will continue to conduct monetary policy with the aim of achieving its 2% inflation target, accompanied by wage increases," Wakatabe said.

☆ Honda to start producing new hydrogen fuel cell system co-developed with GM
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Feb 2 (Reuters) - Japan's Honda Motor Co (7267.T) said it will start producing a new hydrogen fuel cell system jointly developed with General Motors Co (GM.N) this year and gradually step up sales this decade, in a bid to expand its hydrogen business. The Japanese carmaker is seeking to expand the use of its new system not only for its own fuel cell electric vehicles (FCEVs), but also commercial vehicles such as heavy trucks, as stationary power stations and in construction machinery. Honda will start production of the hydrogen fuel cell system through its joint venture with GM this year, Honda senior managing executive director Shinji Aoyama told reporters during a company event in Tokyo. With the "next-generation" system, the company aims to more than double durability compared with its older fuel cell system and to bring costs down by two-thirds. That would likely lead to a divergence in trucks using batteries and those running on fuel cells, he added.

☆ Toyota defends title as world's top-selling automaker in 2022
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Jan 30 (Reuters) - Toyota Motor Corp (7203.T) sold 10.5 million vehicles in 2022, it said on Monday, defending its title as the world's top-selling automaker for a third straight year. Global sales for the group, including truck unit Hino Motors (7205.T) and small-car maker Daihatsu, inched down 0.1% as record overseas sales of 8.6 million vehicles helped offset a 9.6% dip in its home market to 1.9 million. While some chip-related supply constraints remained for Toyota as well, the Japanese automaker said strong demand in Asia and an increase in the production capacity and optimisation in Asia and North America helped it boost global production by 5% in 2022. Toyota in November revised its production forecast for the current financial year through the end of March, to 9.2 million vehicles from 9.7 million. Reporting by Satoshi Sugiyama Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

☆ Japan's chip equipment makers in the dark about new China export restrictions
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +3 min

TOKYO, Jan 30 (Reuters) - Japanese makers of semiconductor manufacturing machinery and materials used to make chips said on Monday they had yet to hear from Japan's government about export restrictions that could directly or indirectly affect their business in China. Without knowing the details of any new restrictions it is impossible to know their impact, he said. Its statement followed a Bloomberg report that the United States had secured a deal with the Netherlands and Japan. Among them was Tokyo Electron Ltd (8035.T), Japan's biggest semiconductor manufacturing machinery maker. Shares of Japanese semiconductor equipment makers were mostly flat on Monday, with Tokyo Electron up 0.68% while Advantest Corp (6857.T) fell 0.32%.

☆ Japan will continue to monitor COVID situation in China, govt says
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: 1 min

[1/3] Passengers of a plane from Dalian in China, head to the coronavirus disease (COVID-19) test area upon their arrival at Narita international airport in Narita, east of Tokyo, Japan January 12, 2023. REUTERS/Kim Kyung-HoonTOKYO, Jan 30 (Reuters) - Japan will continue to monitor the COVID-19 situation in China and deal "flexibly" with border control measures, Chief Cabinet Secretary Hirokazu Matsuno said on Monday. The comment came a day after the Chinese embassy in Japan said it had resumed the issuance of ordinary visas for Japanese citizens travelling to the country. China had stopped issuing visas for Japanese nationals earlier this month after Japan toughened COVID-19 border control rules for travellers coming directly from China. Reporting by Satoshi Sugiyama Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

☆ Japan, Netherlands to join US in restricting chip equipment exports to China-Bloomberg
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Jan 27 (Reuters) - Japan and the Netherlands will soon agree to join the United States in restricting exports of semiconductor manufacturing equipment to China, Bloomberg News reported. Japan would impose similar restrictions on Nikon Corp (7731.T), the report said. "We have been in discussion with the United States and other countries regarding the export-control regime," Yasutoshi Nishimura, Japan's Minister of Economy, Trade and Industry, told reporters on Friday. "A balance needs to be struck so no one among Japan, the United States and Europe will be disproportionately disadvantaged. Japan expects sales at affected chip-related companies to rebound quickly because the market for their equipment is expanding, a trade and industry official involved in overseeing semiconductor firms told Reuters.

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