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☆ Japan’s government in flux after election gives no party majority
▼ + stars: | 2024-10-28 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +5 min

TOKYO — The makeup of Japan’s future government was in flux on Monday after voters punished Prime Minister Shigeru Ishiba’s scandal-tainted ruling coalition in a weekend election, leaving no party with a clear mandate to lead the world’s fourth-largest economy. The biggest winner of the night, the main opposition Constitutional Democratic Party of Japan (CDPJ), had 148 seats, up from 98 previously, but also still well short of the 233 majority. But days before the vote, a newspaper affiliated with the Japan Communist Party reported that the party had provided campaign funds to branches headed by non-endorsed candidates. “LDP’s payments to branches show utter lack of care for public image,” ran an editorial in the influential Asahi newspaper two days before the election. In one bright spot, a record 73 women were elected into Japan’s male-dominated parliament, surpassing 54 at the 2009 election.

Persons: Shigeru Ishiba’s, “, Ishiba, Komeito, Keiichi Ishii, ”, Tobias Harris, Yoshihiko Noda, Fumio Kishida, Yuichiro Tamaki, Nobuyuki Baba, Rintaro Nishimura, Masakazu Tokura Organizations: U.S, Ishiba’s Liberal Democratic Party, Constitutional Democratic Party of Japan, Japan Foresight, LDP, Japan Communist Party, Asahi, Democratic Party for, People, Japan Innovation Party, DPP, Bank of Japan, Asia, Komeito Locations: TOKYO, China, North Korea, Japan

The two sides issued a joint communique, stating Japan's long-term support in helping Ukraine achieve economic stability. Japan hopes the conference will build momentum for international support for Ukraine as the war drags on and attention has diverted to the Gaza situation. The conference is largely about reconstruction and investment in Ukraine, but it’s also about Japan’s national security. Its support for Ukraine comes amid fear of China’s increasingly assertive military actions in the region. Japan, in cooperation with other Group of Seven members, hopes to link the Tokyo conference to a separate Ukraine reconstruction conference to be held in Germany in June.

Persons: Fumio Kishida, Kishida, ” Kishida, “, Denys Shmyhal, ”, it’s, Yoko Kamikawa Organizations: TOKYO, “, Ukraine, of, Japan External Trade Organization, Russia, ”, Seven Locations: Japan, Ukrainian, Ukraine, “ Ukraine, Gaza, East Asia, States, Tokyo, Germany

☆ Japan Business Leaders Return to China Seeking to Bolster Cooperation
▼ + stars: | 2024-01-24 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +3 min

Japanese economic delegations had visited China every year since 1975, but those visits lapsed during the COVID-19 era when China largely shuttered its borders due to its stringent pandemic policies. During their visit this week, the Japanese business delegates, which included Masakazu Tokura, chairman of the powerful Keidanren, as the Japan Business Federation is known, are due to meet with Chinese Premier Li Qiang on Thursday. Japan is heavily reliant on China, where Japanese companies have for years invested in building manufacturing supply chains and forged relationships with local partners. China last year arrested a Japanese executive, an employee of the drugmaker Astellas Pharma, on suspicion of espionage. The move has had a chilling effect on business, Japanese officials say.

Persons: Masakazu Tokura, Premier Li Qiang, Fumio, Xi Jinping, Wang Yi, Gamble, Ryan Woo, Miyoung Kim, David Dolan, Michael Perry Organizations: Japan Business, Premier, Pharma, Procter, SK, Nidec Corp, Toyota, Nissan Locations: BEIJING, China, Japan, United States, Kishida, Greater China, Beijing, Singapore, Tokyo

☆ Japan business lobby to discuss negative impact of weak yen -Yomiuri
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO:Coins and banknotes of Japanese yen are seen in this illustration picture taken June 16, 2022. REUTERS/Florence Lo/Illustration/ File Photo Acquire Licensing RightsTOKYO, Nov 28 (Reuters) - Japan's top business lobby Keidanren will discuss at next month's executive meeting the potential negative impact of the yen's weakness on the economy, the Yomiuri newspaper reported on Tuesday. Keidanren, which is comprised of major companies including big automakers and electronics firms, traditionally favoured a weak yen and have called on the government to stave off sharp yen rises that make Japan's exports less competitive overseas. Any discussion on the demerits of a weak yen by Keidanren would highlight a shift in how Japan's business sector views the currency's movement and its impact on the economy. The shift in Keidanren's stance could heighten calls by the business sector for the Bank of Japan to end ultra-low interest rates that have been blamed for accelerating the yen's decline, the newspaper said.

Persons: Florence Lo, Keidanren, Leika Kihara, Christopher Cushing Organizations: REUTERS, Rights, Yomiuri, Bank of Japan, Reuters, Thomson

☆ Japan's Sumitomo Mitsui Financial Group CEO dies at 65
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

Sumitomo Mitsui Financial Group Inc (SMFG)'s new chief executive Jun Ohta attends a news conference in Tokyo, Japan, December 14, 2018. REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsTOKYO, Nov 27 (Reuters) - Sumitomo Mitsui Financial Group (SMFG) (8316.T) on Monday said group CEO Jun Ohta died on Nov. 25 aged 65 of pancreatic cancer. Japan's second-biggest lender after Mitsubishi UFJ Financial Group (8306.T) said it plans to announce a successor in the near future as soon as an appointment is made. Ohta joined The Sumitomo Bank, a predecessor of SMFG, in 1982 and rose to group CEO in April 2019. Ohta recently sought to expand SMFG's footprint in overseas markets through an alliance with U.S. investment bank Jefferies Financial Group (JEF.N).

Persons: Jun Ohta, Kim Kyung, Japan's, Toru Nakashima, Ohta, Mariko Katsumura, Rocky Swift, Kim Coghill, Christopher Cushing Organizations: Sumitomo Mitsui Financial Group Inc, REUTERS, Rights, Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial, Sumitomo Bank, Keidanren, Jefferies Financial, Thomson Locations: Tokyo, Japan, SMFG

☆ Japan real wages fall for 16th straight month in July
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +3 min

People walk at an office building at a business district in Tokyo, Japan, February 29, 2016. REUTERS/Yuya Shino/File Photo Acquire Licensing RightsTOKYO, Sept 8 (Reuters) - Japanese real wages extended their fall to a 16th consecutive month in July, government data showed on Friday, as salaries failed to keep up with rising prices. Inflation-adjusted real wages, a barometer of consumers' purchasing power, slid 2.5% in July from a year earlier following a 1.6% slump in the month before. The consumer price index officials use to calculate real wages, which includes fresh food prices but excludes owners' equivalent rent, remained flat at 3.9%. Workers at major Japanese companies saw an almost 4% increase in wages this year, according to a survey by business lobby Keidanren.

Persons: Yuya, Fumio Kishida, Satoshi Sugiyama, Alex Richardson Organizations: REUTERS, Rights, Global, Bank of Japan, Workers, Thomson Locations: Tokyo, Japan

Japanese Prime Minister Fumio Kishida set a target in June for women to hold at least 30% of executive positions at leading companies by 2030. The latest initiative to raise female management participation was announced to boost female roles from 2.2% as of July 2022. The results reflect the lack of momentum in Japan towards enhancing the role of women in the workforce to improve diversity and boost economic growth. Respondents to a Reuters survey two years ago were also pessimistic of expanding their female executive ranks. More than half of companies polled said they have hired or plan to hire female managers externally, with 45% of companies introducing or planning to introduce measures to help juggle work and home life.

Persons: Fumio Kishida, Sam Nussey, Anton, Christian Schmollinger Organizations: Japan, Nikkei, Reuters, Nikkei Research, Thomson Locations: TOKYO, Japan, China, Saudi Arabia, Turkey, Japan's

☆ Japan's firms offer biggest pay hikes in 30 years, wage growth broadens
▼ + stars: | 2023-07-05 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

The final survey of 5,272 unions affiliated with Rengo showed an average pay hike of 3.58%, or 10,560 yen ($73.04) per month, the biggest increase since 3.9% seen in 1993. Among them, SMEs raised wages by 3.23%, also the fastest pace in three decades. What's important from now on is to bring real wages to positive territory," said Hisashi Yamada, economist and Hosei University professor. The pay hikes could provide some political support for Prime Minister Fumio Kishida who has made wages as key part of his policy agenda, as a weak yen and higher import prices drive up living costs. Big firms' summer bonus payments are seen rising 3.9%, up for a second straight year, although gains are likely to be uneven, according to a survey by Keidanren, Japan's biggest business lobby.

Persons: Rengo, Kazuo Ueda, Hisashi Yamada, Fumio Kishida, Tetsushi Kajimoto, Sam Holmes Organizations: Rengo, Bank of Japan, Hosei University, OECD, Thomson Locations: TOKYO

☆ Japanese fete LGBTQ progress, demand marriage rights as G7 summit looms
▼ + stars: | 2023-04-23 | by ( Elaine Lies | ) www.reuters.com time to read: +4 min

Masako Mori, a special advisor to Kishida on LGBTQ affairs, attended, but did not mention same-sex marriage in brief remarks before the parade began, instead urging "greater understanding of LGBTQ." Crowds lined the sidewalks, waving rainbow flags and shouting "Happy Pride" at marchers, who included a group from Taiwan - the only Asian nation with same-sex marriage. Kishida in February sacked an aide who sparked outrage by saying people would flee Japan if same-sex marriage was allowed, but the premier remains noncommittal about same-sex marriage, even as polls show some 70% of the public in favour. Allowing same-sex marriage would require amending the civil code. The situation has long limited the talent pool for global firms, but even traditional Japanese companies now find their international competitiveness endangered without diversity, including LGBTQ rights.

☆ Japan, South Korea business leaders look for reset after wartime labour strain
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

TOKYO, March 17 (Reuters) - Top business leaders from Japan and South Korea met in Tokyo on Friday, pledging greater economic cooperation as they seek to pivot away from years of strain and acrimony over compensation for forced wartime labour. The head of Japan's Keidanren business lobby met with members of its South Korean counterpart, the Federation of Korean Industries, as well South Korean President Yoon Suk Yeol on Friday morning. Yoon is in Japan for the first visit by a South Korean president in 12 years. The lack of cooperation between the two countries has long undercut U.S.-led efforts to present a united front against China and North Korea. Signs of a breakthrough came last week when Seoul announced a plan for its companies to compensate former forced labourers.

☆ Bad news salvo gives Bank of Japan some cover
▼ + stars: | 2023-03-16 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +3 min

HONG KONG, March 16 (Reuters Breakingviews) - Incoming Bank of Japan (8301.T) Governor Kazuo Ueda can breathe a sigh of relief; things aren’t going very well. Ripples from the collapse of Silicon Valley Bank have shoved down sovereign bond yields, inadvertently driving off an attack by traders who believed global inflation made rate hikes unavoidable. This year, however, spiking energy costs have pushed the core consumer index excluding fresh food over 4%, double the BOJ’s target. Consumer price inflation including energy but excluding fresh food touched 4.2% in January, a 41-year high. Core consumer inflation has now exceeded the Bank of Japan's 2% target for nine straight months.

☆ South Korea, Japan near landmark deal on wartime labour dispute - media
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +4 min

The labour dispute and one over women forced into Japanese military brothels have bedevilled ties between the two pivotal U.S. allies for years. South Korea's foreign ministry, asked about the reported agreement, said negotiations were ongoing. The row spilled over into a trade dispute. 'VOLUNTARY' FUND, SUMMITSeoul unveiled a plan in January to compensate former forced labourers through a South Korean public foundation. The fund would be jointly formed by the Federation of Korean Industries, South Korea's big business lobby, and its Japanese counterpart, Keidanren, the report said.

☆ With backing from business lobby, Japan PM calls for workers' pay hikes
▼ + stars: | 2023-02-26 | by ( ) www.reuters.com time to read: +2 min

"Above all, wage hikes that beat price hikes are needed," Kishida told an annual gathering of his ruling Liberal Democratic Party (LDP), which lays out its policy agenda for this year. "The wave of wage hikes must spread to small firms and local areas to enhance competitiveness amid heated competition to attract workers" amid labour shortages, Kishida said. While achieving "structural wage hikes," Kishida pledged to continue to take steps to curb energy and food prices to ease the pain of inflation on households. Masakazu Tokura, head of Japan's biggest business lobby Keidanren, expressed support for the wage push. Moreover, the small companies that provide most of Japan's jobs generally can't increase pay, business owners, economists and officials say.

☆ 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.

☆ Bank of Japan Governor Haruhiko Kuroda dismisses near-term chance of exiting easy policy
▼ + stars: | 2022-12-26 | by ( ) www.cnbc.com time to read: +2 min

Haruhiko Kuroda, governor of the Bank of Japan, speaks during a news conference at the central bank's headquarters in Tokyo on Dec. 20, 2022. Yuya Yamamoto | Jiji Press | Bloomberg | Getty ImagesBank of Japan Governor Haruhiko Kuroda on Monday brushed aside the chance of a near-term exit from ultra-loose monetary policy but voiced hope that intensifying labor shortages will prod firms to raise wages. "Labor market conditions in Japan are projected to tighten further, and firms' price- and wage-setting behavior is also likely to change," Kuroda said. "In this sense, Japan is approaching a critical juncture in breaking out of a prolonged period of low inflation and low growth," he said. The BOJ shocked markets last week with a surprise widening of the band around its 10-year yield target.

☆ BOJ Kuroda dismisses near-term chance of exiting easy policy
▼ + stars: | 2022-12-26 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

Kuroda said the BOJ's decision last week to widen the allowance band around its yield target was aimed at enhancing the effect of its ultra-easy policy, rather than a first step toward withdrawing its massive stimulus programme. "Labour market conditions in Japan are projected to tighten further, and firms' price- and wage-setting behaviour is also likely to change," Kuroda said. The BOJ shocked markets last week with a surprise widening of the band around its 10-year yield target. The outcome of next year's spring wage negotiations between big companies and unions will also be key to the outlook for wage growth, he said. Speaking at the same meeting, Prime Minister Fumio Kishida called for business leaders' help in achieving wage growth high enough to compensate households for the rising cost of living.

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