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☆ Why 7-Eleven Is a National Treasure in Japan
▼ + stars: | 2024-08-24 | by ( Kiuko Notoya | River Akira Davis | ) www.nytimes.com time to read: 1 min

In Japan, convenience stores are celebrated. Millions flock to the stores daily to pick up food, send packages and pay bills. Japan’s largest konbini chain, 7-Eleven, is also its most famous. It is understandable that a rival company wants in on the action. This week, Seven & i Holdings, the Japanese company that operates 7-Eleven, said it had received an unsolicited takeover proposal from Alimentation Couche-Tard, a convenience store giant in Canada.

Persons: Anthony Bourdain, ”, Alimentation Organizations: Holdings Locations: Japan, Canada

☆ Japan’s Leader, Fumio Kishida, Will Step Down
▼ + stars: | 2024-08-13 | by ( River Akira Davis | More About River Akira Davis | ) www.nytimes.com time to read: 1 min

Japan’s prime minister, Fumio Kishida, intends to step down next month, bowing to pressure within his party to move on from his unpopular leadership, news outlets reported. Mr. Kishida has informed officials in his administration of his intention not to run in a governing-party election in September, according to Japanese news outlets, including the national broadcaster NHK and Kyodo News. The winner of that election will become the prime minister. Mr. Kishida, who has been prime minister since 2021, will hold a news conference Wednesday morning, according to a spokesperson for his office. This is a developing story.

Persons: Japan’s, Fumio Kishida, Kishida Organizations: NHK, Kyodo News

☆ Stocks in Asia Rebound After a Day of Wild Selling Worldwide
▼ + stars: | 2024-08-05 | by ( River Akira Davis | More About River Akira Davis | ) www.nytimes.com time to read: +1 min

On Friday, a report on American jobs showed a considerable slowdown in hiring, prompting a sell-off in U.S. markets. The Fed is expected to start cutting rates, which are at a more-than-two-decade high, later this year. The currency’s rise spooked investors, some of whom feared a stronger yen would spell the end of a more-than-yearlong rally in Japanese stocks that had been driven by a weakened currency. A popular trade among some investors involved borrowing in yen, and then investing it in markets like the U.S. But as the strength of the dollar this year began to ebb, profits from that trade also started to reverse course.

Organizations: Federal, Bank of Japan Locations: U.S, Japan

On Today’s Episode:Harris Faces Party Divisions as She Chooses a Running Mate, by Reid J. Epstein, Theodore Schleifer and Nick CorasanitiMarkets Around the World Are Jolted by Fears of Slowing U.S. Growth, by Daisuke Wakabayashi and River Akira DavisHurricane Debby to Strike Florida’s Big Bend Region, by Isabelle TaftBangladesh’s Prime Minister Seeks to Leave Country Amid Protests, Officials Say, by Mujib Mashal and Saif Hasnat

Persons: Reid J, Epstein, Theodore Schleifer, Nick Corasaniti, Daisuke Wakabayashi, Akira Davis, Debby, Isabelle Taft Bangladesh’s, Mujib Mashal, Saif Hasnat Organizations: Harris Locations: Bend

☆ Japanese Stocks Tumble 6% as Long-Running Surge Falters
▼ + stars: | 2024-08-02 | by ( River Akira Davis | More About River Akira Davis | ) www.nytimes.com time to read: +1 min

A more-than-year-long rally in Japanese stocks, driven by the country’s depreciated currency, hit a wall at the end of the week. Japan’s Topix index, which includes companies that represent a broad swath of the Japanese economy, fell 6.1 percent, extending losses from the previous day. The Nikkei 225 index fell 5.8 percent on Friday. Analysts noted a “state of panic” in Japanese markets following the Bank of Japan’s decision on Wednesday to raise interest rates for only the second time since 2007. The move bolstered Japan’s currency, the yen, which was trading at approximately 149 to the dollar on Friday, a significant recovery from 154 at the start of the week.

Organizations: Bank of Locations: United States

It’s been a year since interest rates reached a two-decade high, but they may soon begin to reverse course. The Federal Reserve is expected to hold its benchmark interest rate steady on Wednesday, while signaling that a cut is possible when policy-setting officials meet again in September. If interest rates are elevated for too long, they risk weakening the employment picture. The central bank uses interest rates to influence the broader economy. Home-equity lines of credit and adjustable-rate mortgages — which each carry variable interest rates — generally rise within two billing cycles after a change in the Fed’s rates.

Persons: It’s, ” Jonathan Smoke, that’s, Freddie Mac, ”, Sam Khater, —, “ Banks, Ken Tumin Organizations: Federal, “ Manufacturers, Cox Automotive, Treasury, Savings Vehicles Locations: Edmunds

☆ Japan Raises Interest Rates for Second Time Since 2007
▼ + stars: | 2024-07-31 | by ( River Akira Davis | ) www.nytimes.com time to read: +1 min

For only the second time in nearly two decades, Japan’s central bank on Wednesday raised interest rates, a move that could help bolster the country’s ailing currency and ease the burden of consumers paying more for imported essentials like food and energy. The Japanese central bank increased its target policy rate to 0.25 percent, up from a range of zero to 0.1 percent. The rate was last bumped up in March, when the bank raised interest rates for the first time since 2007. The large gap between interest rates in Japan and the United States has caused the yen to fall in value against the dollar over the past two years, but it regained some strength recently as traders anticipated an imminent rate increase from the Bank of Japan. The Bank of Japan’s decision was being closely watched by investors and economists inside and outside of Japan.

Organizations: Bank of Japan, The Locations: Japan, United States

Japanese companies established Thailand’s auto industry virtually from scratch, dating back to the years after World War II. By the late 1970s, Japanese brands commanded around 90 percent of car sales in Thailand. Now Japanese automakers’ stronghold is finally being loosened by Chinese manufacturers that offer something they don’t: electric vehicles at affordable prices. The influx of Chinese brands like BYD, Great Wall Motor and SAIC Motor in the past two years is ringing alarms in Japan. In December, Srettha Thavisin, Thailand’s prime minister, traveled to Japan with a message for Japanese companies: Move quickly, invest in electric vehicles or lose out to China.

Persons: Srettha Organizations: South Korean, Motor, SAIC Locations: Thailand, Japan, China

☆ Japan Wanted Higher Inflation. It’s Here, and It Hurts.
▼ + stars: | 2024-07-29 | by ( River Akira Davis | ) www.nytimes.com time to read: +1 min

As the rest of the world fought to keep inflation in check, one country welcomed it with open arms. So while major central banks like the U.S. Federal Reserve raised interest rates to rein in prices, the Bank of Japan kept rates low as inflation accelerated. Businesses could cite their rising costs to justify price increases, leading to higher revenues that went toward higher wages for workers. There have been some promising signs: Big Japanese firms like Toyota have reported large profits and pledged the biggest wage increases for workers in decades. In March, the Bank of Japan raised its policy rate for the first time in 17 years, concluding that the economy had achieved the “virtuous cycle” between wages and prices it had envisioned.

Organizations: U.S . Federal Reserve, Bank of, Toyota, Bank of Japan Locations: Japan, Bank of Japan

☆ SoftBank’s Chief Pitches a New Path for Self-Driving Cars
▼ + stars: | 2024-07-22 | by ( River Akira Davis | ) www.nytimes.com time to read: +1 min

In recent months, Mr. Son has been laying out plans for a new big bet: self-driving cars. Befitting his maverick approach, Mr. Son’s pitch does not resemble other efforts to develop autonomous vehicles. That way, the thinking goes, they will be able to overcome the challenges that have led some to abandon self-driving car efforts. In recent months, Mr.

Persons: Son Organizations: Honda Motor, Nissan, Uber Locations: Tokyo, United States, Japan, Europe

☆ The Yen Is Plunging. So Is Japan’s Defense Budget.
▼ + stars: | 2024-07-08 | by ( River Akira Davis | Hisako Ueno | ) www.nytimes.com time to read: +1 min

The yen’s collapse this year to a nearly four-decade low is undermining Japan’s plans for its largest military buildup in postwar history. The government has slashed orders for aircraft, and officials warn that further cuts may be imminent. The government’s purchasing power has been drastically eroded by the yen’s diminishing value. “What we are achieving in terms of actual defense capabilities and our original target — the two are not lined up,” Satoshi Morimoto, a former Japanese defense minister, said in an interview. The value of the defense budget over five years “has effectively been reduced by 30 percent,” Mr. Morimoto said.

Persons: ” Satoshi Morimoto, “, Mr, Morimoto Organizations: Japan Locations: Tokyo, North Korea, China, Taiwan

A Japanese pharmaceutical company is investigating 80 deaths possibly linked to a yeast-containing supplement it sells in Japan, the country’s health ministry said Friday, in a shocking increase from an earlier revelation that is focusing attention on how supplements are regulated. The company, Kobayashi Pharmaceutical, in March had reported five deaths potentially linked to its CholesteHelp rice and red-yeast pills. In response to the sudden surge in reported deaths, Health Minister Keizo Takemi said it was “extremely regrettable” that Kobayashi Pharmaceutical had not updated the ministry sooner. The company, which is based in Osaka, had not provided new information on deaths potentially linked to CholesteHelp since March. CholesteHelp has been recalled in Japan and China, the only countries the supplement was sold in, according to a spokeswoman for Kobayashi Pharmaceutical.

Persons: Keizo Takemi, Kobayashi, CholesteHelp Organizations: Kobayashi Pharmaceutical, Health Locations: Japan, Osaka, China

☆ Japan and South Korea Are Fighting Over an App at a Tense Time
▼ + stars: | 2024-06-24 | by ( River Akira Davis | ) www.nytimes.com time to read: +1 min

A joint venture set up in 2019 by two top Japanese and South Korean companies was hailed as a beacon of cooperation amid strained diplomatic relations. Executives from South Korea’s Naver and Japan’s SoftBank Group said they would jointly own the operator of Line, a South Korean-developed messaging app popularized in Japan. Five years later, Japan and South Korea have made significant strides in easing longstanding historical tensions. Japan and South Korea, both key United States allies in Asia, have a sensitive history. Japan colonized Korea from 1910 until Japan’s surrender in World War II in 1945, and Japan and South Korea have often scuffled over territory and geopolitical differences.

Persons: Japan’s Locations: South Korea’s, Korean, Japan, South Korea, States, Asia, Korea

☆ Toyota Chairman’s Investor Support Tumbles
▼ + stars: | 2024-06-19 | by ( River Akira Davis | More About River Akira Davis | ) www.nytimes.com time to read: +1 min

Investor support for Toyota Motor’s longtime leader, Akio Toyoda, sank to its lowest level since he took the helm as shareholders challenged the extent of control he exerts over the company. According to a filing released on Wednesday, 71.9 percent of shareholders supported renominating Mr. Toyoda as chairman of Toyota’s board. That met the threshold required for re-election, but it was the lowest level of support for him since at least 2010, after Mr. Toyoda’s first full year as chief executive. Ahead of Toyota’s shareholder meeting on Tuesday, The New York Times reported that several big investors planned to vote against Mr. Toyoda’s reappointment. Traditionally in Japan, board members receive nearly unanimous support from shareholders, and Mr. Toyoda, whose grandfather founded the company, has gotten an average approval of more than 96 percent over the past decade.

Persons: Akio Toyoda, Toyoda, Toyoda’s, Toyoda’s reappointment Organizations: Toyota, The New York Times Locations: Japan

☆ Toyota Chairman, Re-Elected by Investors, Defends His Hands-On Role
▼ + stars: | 2024-06-18 | by ( River Akira Davis | ) www.nytimes.com time to read: +1 min

Toyota Motor’s longtime leader, Akio Toyoda, defended his continued deep involvement in the company’s operations on Tuesday, responding to calls by some big investors that he step back after having resigned as chief executive more than a year ago. “Some infer that what I do and how I act is akin to cloistered rule,” Mr. Toyoda said, referring to an imperial form of government in Japan where an emperor could retain power and influence even after abdication. “I consult with younger-generation executives and give them my advice, and if you call this cloistered rule, then I am happy to continue acting as a cloistered-government leader,” Mr. Toyoda, 68, said at a shareholder meeting at Toyota’s headquarters southwest of Tokyo. Mr. Toyoda was responding to questions posed by several shareholders asking whether recent problems over mishandled safety tests may reflect broader governance problems within Toyota, including insufficient checks and balances on management.

Persons: Akio Toyoda, Mr, Toyoda, “, ” Mr Organizations: Toyota Locations: Japan, Toyota’s, Tokyo

☆ Toyota Investors Challenge Scion’s Grip at a ‘Critical Juncture’
▼ + stars: | 2024-06-17 | by ( River Akira Davis | ) www.nytimes.com time to read: 1 min

During his long tenure as chief executive, Akio Toyoda led Toyota Motor to the top of the car industry. Toyota today sells more cars than any other automaker in the world. It was Mr. Toyoda’s bet on the enduring popularity of hybrid gas-electric vehicles that last year helped Toyota achieve the biggest annual profit in Japanese history. Mr. Toyoda, whose grandfather founded Toyota in 1937, is the force that propels the company — and that is a problem, according to multiple people inside and outside of Toyota. In early 2023, Mr. Toyoda stepped down after nearly 14 years as chief executive to become chairman.

Persons: Akio Toyoda, Toyoda’s, Toyoda Organizations: Toyota Motor, Toyota

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