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☆ Japan in late-stage talks with U.S. for Tomahawk purchase -Yomiuri
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Oct 28 (Reuters) - Japan is in the final stages of negotiations with the United States to buy U.S.-made Tomahawk cruise missiles, the Yomiuri daily reported on Friday, citing multiple unnamed Japanese government sources. Tomahawks can hit targets from more than 1,000 km (620 miles) away, putting parts of China and the Russian Far East within range. Concern about Chinese military activity in the seas and skies around Taiwan and Japan has intensified since Russia invaded Ukraine in February, because Japan worries it provides China with a precedent for the use of force against Taiwan. China in August fired missiles into waters less than 160 km from Japan in a display of might, angered by U.S. House speaker Nancy Pelosi's visit to Taiwan. At the 20th Communist Party Congress last week, Chinese leader Xi Jinping called for accelerating plans to build a world-class military.

☆ Japan's extra budget for stimulus package to exceed $198 bln -NHK
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Kim Kyung-HoonTOKYO, Oct 27 (Reuters) - Japan's upcoming economic stimulus package is expected to include an extra budget of more than 29 trillion yen ($198 billion), far exceeding a previous estimate, national broadcaster NHK reported on Thursday. Only a day earlier, Japanese media had reported the government was set to spend about 25 trillion yen on the stimulus package, aimed at easing the pain from rising energy and other living costs. Japan's public debt is already the biggest among major economies at twice the size of its economy. The extra spending, which is likely to be finalised on Friday, is expected to be partially funded by additional debt issuance, raising concerns over Japan's fiscal discipline. Asked about the raised spending estimate and its implications, Suzuki said work was still ongoing to reach a final decision on Friday.

☆ Down on chips, Toyota goes back to basics with car keys
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Oct 27 (Reuters) - Toyota Motor Corp has discovered that even keys can be too "smart" for their own good. "As the shortage of semiconductors continues, this is a provisional measure aimed at delivering cars to customers as quickly as possible," Toyota said in a statement, apologising for the inconvenience. "As for the second smart key, we plan to hand it over as soon as it is ready," it added. A global chips shortage has caused a severe delay in car production and shipments, with many buyers having to wait years to get theirs delivered. Toyota has been hit particularly hard this year, with natural disasters and other disruptions adding to their troubles.

☆ Japan extra budget for stimulus package to exceed $198 bln -NHK
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

[1/2] Japan's Finance Minister Shunichi Suzuki speaks at a news conference after Japan intervened in the currency market for the first time since 1998 to shore up the battered yen in Tokyo, Japan September 22, 2022. REUTERS/Kim Kyung-HoonTOKYO, Oct 27 (Reuters) - Japan's upcoming economic stimulus package is expected to entail an extra budget of more than 29 trillion yen ($198 billion), far exceeding a previous estimate, national broadcaster NHK reported on Thursday. Only a day earlier, Japanese media had reported that the government was set to spend about 25 trillion yen on the stimulus package, aimed at easing the pain from rising energy and other living costs. Lawmakers from the ruling Liberal Democratic Party objected to the lower estimate, prompting Prime Minister Fumio Kishida and Finance Minister Shunichi Suzuki to meet on Wednesday evening to review the plan, NHK reported. ($1 = 146.3200 yen)Reporting by Mariko Katsumura and Chang-Ran Kim; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ U.S., Japan, S. Korea vow 'unparalleled' response if N. Korea holds nuclear test
▼ + stars: | 2022-10-26 | by ( Kiyoshi Takenaka | ) www.reuters.com time to read: +2 min

Eugene Hoshiko/Pool via REUTERSTOKYO, Oct 26 (Reuters) - The United States, Japan and South Korea warned on Wednesday that an "unparalleled" scale of response would be warranted if North Korea conducts a seventh nuclear bomb test. Washington and its allies believe North Korea could be about to resume nuclear bomb testing for the first time since 2017. Cho was speaking alongside his Japanese and U.S. counterparts, Vice Foreign Minister Takeo Mori and Deputy Secretary of State Wendy Sherman. "We urge (North Korea) to refrain from further provocations," Sherman said, calling them "reckless and deeply destabilising for the region. North Korea has been carrying out weapons tests at an unprecedented pace this year, firing more than two dozen ballistic missiles, including one that flew over Japan.

☆ POLL Rising U.S. rates pose biggest risk for Japan but recession unlikely
▼ + stars: | 2022-10-25 | by ( Kantaro Komiya | Devayani Sathyan | ) www.reuters.com time to read: +4 min

REUTERS/Florence Lo/IllustrationTOKYO, Oct 25 (Reuters) - The biggest risk to Japan's economy over the next year is a prolonged period of U.S. monetary tightening, although the world's third-largest economy is unlikely to sink into a recession, the majority of economists polled by Reuters said. Policymakers worldwide, including the International Monetary Fund, have cut global growth projections for 2023, citing elevated prices and higher cost of borrowing. While most economists agreed that such risks would not plunge Japan into a recession, they said that was mainly owing to a low base. "Japan's economy appears robust compared with overseas peers, but that's just because its recovery from the pandemic has been lagging behind," said Fukoku's Takamatsu. Elsewhere in the poll, a median estimate of 34 respondents had the Japanese economy expanding an annualised 2.0% in October-December, slightly better than the 1.9% forecast in the September poll.

☆ Japan says Yellen respects its decision not to disclose any FX intervention
▼ + stars: | 2022-10-25 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

[1/2] U.S. Treasury Secretary Janet Yellen participates in a discussion at the annual Freedman's Bank Forum at the Treasury Department in Washington, U.S., October 4, 2022. That raised speculation that Japan and the United States might be at odds over currency policy, which would make it difficult to intervene further. "Treasury Secretary Yellen respects Japan's stance of not confirming whether or not we conducted intervention, so we appreciate that." Finance Minister Shunichi Suzuki also said on Tuesday that Japan was closely in touch with the United States and that both have reaffirmed the Group of Seven agreement on currencies. Since Japan's yen-buying intervention on Sept. 22, the authorities have kept mum on whether they had entered the currency market, although sources have said stealth intervention was conducted last Friday and this Monday.

☆ Japan PM appoints ex-health min Goto as next economy minister
▼ + stars: | 2022-10-25 | by ( Kantaro Komiya | ) www.reuters.com time to read: +1 min

TOKYO, Oct 25 (Reuters) - Japanese Prime Minister Fumio Kishida on Tuesday appointed former health minister Shigeyuki Goto as the next economy minister after the incumbent abruptly resigned amid criticism over his links to a controversial religious group. Speaking to reporters on Tuesday, Kishida said he picked Goto based on his "political experience, high presentation skills and passion for economic and social reforms." Register now for FREE unlimited access to Reuters.com RegisterYamagiwa became the first minister to resign from Kishida's government and the highest profile political casualty thus far from a widening scandal sparked by the killing of former Prime Minister Shinzo Abe in July. The suspect in the killing bore a grudge against the Unification Church, alleging it bankrupted his mother, and blamed Abe for promoting it. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kentaro Sugiyama Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

☆ Japanese economic minister steps down over church links
▼ + stars: | 2022-10-24 | by ( Kantaro Komiya | ) www.reuters.com time to read: +3 min

He added that he regretted attending so many church gatherings and giving the organisation recognition as a result. INVESTIGATIONThe church, founded in South Korea in the 1950s and famous for its mass weddings, has came under the spotlight following the July 8 assassination of former Prime Minister Shinzo Abe. Since the killing, evidence has come to light of deep and longstanding ties between the church and LDP members. The LDP has acknowledged that many individual lawmakers have ties to the church but have said there was no organisational link to the party. Critics say the church built ties with politicians in Japan to attract followers and gain legitimacy while politicians gained access to church members for help with campaigns.

☆ Japan econmin Yamagiwa to step down - NHK
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Oct 24 (Reuters) - Japanese Economy Minister Daishiro Yamagiwa plans to step down on growing calls from the opposition to resign due to his insufficient explanations about his ties to the controversial Unification Church, public broadcaster NHK said on Monday. His resignation would be a blow to Prime Minister Fumio Kishida as revelations about connections between nearly half of the lawmakers at the ruling Liberal Democratic Party (LDP) and the church came under the spotlight following the July assassination of former Prime Minister Shinzo Abe. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Mariko Katsumura, Writing by Elaine Lies Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

Banknotes of Japanese yen are seen in this illustration picture taken September 22, 2022. REUTERS/Florence Lo/Illustration/File PhotoSummary Yen volatile as Tokyo suspected of intervention for 2nd dayYen plunged to 32-year low vs dollar near 152 yen FridayFX officials remains tight lipped on interventionTOKYO, Oct 24 (Reuters) - The Japanese yen was whipsawed in early Monday trading on suspected intervention by Tokyo for the second straight day, but the efforts to slow the currency's relentless slide was blunted by a dollar riding a wave of yield-driven and safe-haven demand. Japanese authorities again declined to confirm whether they had intervened, but the price action strongly suggested they had. read moreEarly on Monday, the Japanese currency made a thumping 4 yen jump to 145.28 per dollar, indicating currency authorities had stepped in for a second successive day, after a similar move by Tokyo on Friday. If the United States shows signs of its rate hikes peaking out and even cutting interest rates, the yen would stop weakening even without intervention."

☆ Japan's Nidec posts 16% jump in Q2 operating profit to record
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

The Kyoto-based company reported 51.71 billion yen ($347.21 million) in operating profit for the three months through September, just short of a 52.3 billion yen average of five analyst estimates, according to Refinitiv data. A year earlier, it earned 44.59 billion yen. Nidec's shares dipped 2.9% during the second quarter and have dropped 41.1% this year so far. The company kept its full-year operating profit forecast of 210 billion yen for the year ending March 31. That compared with the 211 billion yen average of 21 analyst forecasts.

Banknotes of Japanese yen are seen in this illustration picture taken September 22, 2022. On Sept. 22 they stepped in to prop up the yen for the first time since 1998. "I won't comment," Finance Minister Shunichi Suzuki told reporters at the finance ministry, when asked about intervention. "We absolutely cannot tolerate excessive moves in the foreign exchange market based on speculation," Suzuki told reporters at the finance ministry. Masato Kanda, vice finance minister for international affairs, also declined to comment on intervention.

"We are confronting speculators strictly," Suzuki told a regular news conference, when asked whether the Japanese yen was under attack by speculators. Suzuki was speaking as the dollar strengthened to 150.29 yen overnight, the highest since August 1990, after breaking the key psychological level of 150 on Thursday. "It's not that Japan's finances are undergoing a major shift in phase leading to the current yen weakening," Suzuki said, when asked if there were lessons for Japan from Britain's predicament that led to the resignation of Prime Minister Liz Truss. On the course of future monetary policy, Suzuki said it is up to the BOJ to decide. "We'll strive to maintain fiscal discipline with a major target of achieving primary budget surplus in fiscal 2025."

☆ Energy and security on agenda when Australia, Japan leaders meet
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +3 min

Japan's Prime Minister Fumio Kishida delivers a policy speech during an extraordinary session at the lower house of parliament in Tokyo, Japan October 3, 2022. "Australia is the most important country for Japan's energy policy," Kishida told reporters in Tokyo on Friday before boarding a plane for Perth. Australia and Japan are also expected to sign a new security cooperation agreement, updating a pact struck in 2007, to respond to a significantly altered regional security environment, officials said. "As Australia seeks to become a clean energy superpower, we will remain a steady and reliable supplier of energy to Japan including for new energy sources like hydrogen," Albanese said in a statement this week. Australia and Japan are also members of the Quad group of nations, with the United States and India.

Kanda, vice finance minister for international affairs, said he will not comment on whether Japan was intervening now or have stepped into the currency market earlier on Thursday. Japanese Finance Minister Shunichi Suzuki also told reporters after the yen's latest slide that he will "take decisive action" against excessive, sharp yen moves. "We cannot tolerate excessive, rapid currency market moves driven by speculative action," Suzuki said. The yen's break of 150 against the dollar took it to its weakest level since August 1990. The BOJ, for its part, ramped up efforts to defend its 0% bond yield cap earlier on Thursday with offers of emergency bond buying.

The break above the key milestone heightens pressure for Tokyo to step into the currency market again to rein in the yen's relentless decline, which is adding to the country's already swelling import bill. "We cannot tolerate excessive, rapid currency market moves driven by speculative action," Suzuki said. The BOJ, for its part, ramped up efforts to defend its 0% bond yield cap earlier on Thursday with offers of emergency bond buying. The Ministry of Finance's dollar-selling, yen-buying intervention last month was the first time authorities had acted in the markets to prop up the yen since 1998. The yen's tumble below 150 against the dollar on Thursday took it to its weakest level since August 1990, keeping investors on high alert to the possibility of another Japanese intervention in the currency market.

The central bank's step underscores the dilemma Tokyo faces in trying to contain unwelcome yen falls, without resorting to interest rate hikes that could derail Japan's fragile recovery. Register now for FREE unlimited access to Reuters.com Register"Recent rapid and one-sided yen declines are undesirable. "We will continue to take appropriate steps against excess volatility, while watching currency market developments with a strong sense of urgency," he said. The government, which holds jurisdiction over currency policy, spent 2.8 trillion yen ($19 billion) in dollar-selling, yen-buying intervention last month when authorities acted in the markets to prop up the yen for the first time since 1998. The BOJ is widely expected to maintain its massive stimulus programme at its next two-day policy meeting ending Oct. 28.

We absolutely cannot tolerate excessively volatile moves driven by speculative trading," Suzuki told parliament on Thursday. "We will continue to take appropriate steps against excess volatility, while watching currency market developments with a strong sense of urgency," he said. Markets are on high alert on whether Japan will intervene in the currency market again as the yen falls near the key psychological barrier of 150 to the dollar. The government, which holds jurisdiction over currency policy, spent 2.8 trillion yen ($19 billion) in dollar-selling, yen-buying intervention last month when authorities acted in the markets to prop up the yen for the first time since 1998. The BOJ is widely expected to maintain its massive stimulus programme at its next two-day policy meeting ending in Oct. 28.

☆ Japan Sept imports jump 45.9% year/year to record - MOF
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Oct 20 (Reuters) - Japan's imports rose 45.9% in September from a year earlier to the highest on record, Ministry of Finance data showed on Thursday. That compared with a 45.0% increase expected by economists in a Reuters poll and followed a 49.9% gain in August. Exports rose 28.9% in the year to September, versus the median estimate for a 27.1% increase. Register now for FREE unlimited access to Reuters.com RegisterThe trade balance came to a deficit of 2.094 trillion yen ($13.98 billion), versus the median estimate for a 2.167 trillion yen deficit. To view full tables, go to the website of the Ministry of Finance at:http://www.customs.go.jp/toukei/info/index_e.htm($1 = 149.8000 yen)Register now for FREE unlimited access to Reuters.com RegisterReporting by Tetsushi Kajimoto Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

☆ Tokyo prosecutors arrest CEO of ad firm ADK over Olympics -Kyodo
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Oct 19 (Reuters) - Tokyo prosecutors on Wednesday arrested the president and two former employees of Japanese advertising firm ADK Holdings Inc over suspected bribery related to the Tokyo 2020 Olympics, Japanese media said. The arrests mark the latest widening of a corruption scandal involving Olympic sponsors that has centred on a former member of the Tokyo 2020 Olympics board, but has spread across corporate Japan. Prosecutors arrested Shinichi Ueno, 68, the president and CEO of privately held ADK, and raided the company's headquarters over suspicions it and a maker of stuffed toys paid a bribe of about 54 million yen ($362,000) related to the Olympics, Kyodo said. In August, prosecutors arrested a former member of the Tokyo 2020 Olympics board, Haruyuki Takahashi, on suspicion of receiving bribes. Separately, media reported that prosecutors had decided to arrest Takahashi again on Wednesday, meaning he faces longer detention so prosecutors can question him further.

☆ Japan's Kishida, Australia's Albanese to meet in Perth -Japan govt
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Oct 19 (Reuters) - Japanese Prime Minister Fumio Kishida will visit Perth from Oct. 21-23 and will meet counterpart Anthony Albanese during his trip, Chief Cabinet Secretary Hirokazu Matsuno said on Wednesday. Japan aims to further develop ties between the two nations over security, defence and the economy, including cooperation over a free and open Indo-Pacific, Matsuno said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kaori Kaneko Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

☆ Japan finmin says checking FX'meticulously' and more frequently -Jiji
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Oct 19 (Reuters) - Japanese Finance Minister Shunichi Suzuki said on Wednesday that he was checking currency rates "meticulously" and with more frequency, Jiji News reported, as the yen continues to weaken against the dollar and markets watch for signs of intervention. Suzuki also said the government would "properly respond" in the foreign exchange market based on existing policy, according to Jiji. The comments came as the yen traded near a 32-year trough to the dollar at 149 yen, putting the major psychological barrier of 150 in focus. Register now for FREE unlimited access to Reuters.com RegisterReporting by Chang-Ran Kim; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Banknotes of Japanese yen are seen in this illustration picture taken September 23, 2022. Bank of Japan Governor Haruhiko Kuroda also repeated his usual line that stability in the foreign exchange market was "extremely important", characterising the yen's recent softening as sharp and one-sided. The comments came as the yen traded near a 32-year trough to the dollar at 149 yen, putting the major psychological barrier of 150 in focus. "When looking at the global financial and economic environment surrounding Japan, downside risks are building up rapidly," Adachi said in the speech. "When downside risks are so high, we should be cautious of shifting toward monetary tightening," he said, warning that heightening external headwinds risked tipping Japan back to deflation.

☆ Japan Industrial Partners-led group looking to buy Toshiba for $19 bln -Kyodo
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Oct 12 (Reuters) - The consortium of mostly domestic firms led by Japan Industrial Partners (JIP) is looking to buy Toshiba Corp (6502.T) for 2.8 trillion yen ($19.13 billion), Kyodo reported on Wednesday citing unnamed sources. The reported acquisition price marks a premium of about 26% from Toshiba's current market value of 2.22 trillion yen. Register now for FREE unlimited access to Reuters.com RegisterJIP's consortium will put up about 1 trillion yen and likely borrow the rest from financial institutions, Kyodo reported. It said the price could still change depending on Toshiba's share price and valuation premium. Asked about the report, a Toshiba spokesperson said the company could not comment on candidates as doing so could undermine fair process.

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