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☆ Japan makes record defence spending request amid tension with China
▼ + stars: | 2023-08-31 | by ( Sakura Murakami | ) www.reuters.com time to read: +3 min

The plan, announced last year, seeks to double defence spending to 2% of gross domestic product by 2027 as it faces an increasingly assertive China and an unpredictable North Korea. The defence ministry plans to set aside more than 900 billion yen for ammunition and weapons, including new ship-based air-defence missiles, according to the budget request. Some 600 billion yen will be used to strengthen logistics capabilities to deploy weapons and resources to southwest island chains during an emergency. Japan will also put 75 billion yen towards jointly developing interceptor missiles with the United States to counter hypersonic warheads, and 64 billion yen for building next-generation fighter jets with Britain and Italy. The record defence spending by the staunch U.S. ally comes after decades of pacifist policies.

Persons: Fumio Kishida, Joe Biden, Yoon Suk, Camp David, Evelyn Hockstein, Fumio, Sakura Murakami, Robert Birsel, Gerry Doyle Organizations: U.S, South, REUTERS, Rights, Ministry of Finance, Thomson Locations: Camp, Thurmont , Maryland, U.S, China, North Korea, Japan, United States, Britain, Italy, Taiwan, Ukraine, Asia

☆ Japan budget requests likely to top 110 trln yen as rates rise - Nikkei
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +3 min

FILE PHOTO-An office employee walks in front of the bank of Japan building in Tokyo, Japan, April 7, 2023. REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsTOKYO, Aug 25 (Reuters) - Japanese ministries' budget demands for the next fiscal year will likely top 110 trillion yen ($753 billion), the Nikkei business daily reported on Friday, with rising interest rates expected to boost debt servicing costs. This fiscal year's budget stood at 114 trillion yen. It would be the third straight year that budget requests exceed 110 trillion yen and may top a record 111.6 trillion yen requested for fiscal 2022. It's only natural for debt-servicing costs to rise under such circumstances," said Takuya Hoshino, senior economist at Dai-ichi Life Research Institute.

Persons: Androniki, Takuya Hoshino, Fumio, Tetsushi Kajimoto, Diane Craft, Jacqueline Wong Organizations: REUTERS, Rights, Nikkei, Bank of, Dai, Research, Thomson Locations: Japan, Tokyo, China, North Korea

☆ North Korea to launch satellite over Yellow Sea -Japan Coast Guard
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Aug 22 (Reuters) - North Korea has said it will launch a satellite between Aug. 24-31 in the direction of the Yellow Sea and East China Sea, the Japanese Coast Guard said on Tuesday. The Coast Guard added that the satellite, if launched, was likely to fall outside of Japan's exclusive economic zone. North Korea launched a satellite on May 31 that ended up plunging into the sea. The new "Chollima-1" satellite launch rocket failed because of instability in the engine and fuel system, state news agency KCNA reported. It prompted emergency alerts and brief evacuation warnings in parts of South Korea and Japan but no danger or damage was reported.

Persons: Fumio, KCNA, Elaine Lies, Deepa Babington, Stephen Coates Organizations: Japanese Coast Guard, Twitter, Coast Guard, North, Thomson Locations: TOKYO, North Korea, East China, Japan, South Korea, United States

☆ Insight: BOJ makes bold shift as yen risks grow too big to ignore
▼ + stars: | 2023-08-03 | by ( Leika Kihara | ) www.reuters.com time to read: +9 min

The BOJ's decision shook markets on Friday and contrasted sharply with Ueda's more cautious comments in recent months about the dangers of retreating too quickly from accommodative Kuroda-era policies. "There's also a small but probable risk of inflation overshooting in Japan, which gave the BOJ reason to act." NEW PRIORITIESThe BOJ's policy decision last week signalled to investors that it would now allow the 10-year government bond yield to move closer to 1% before it intervenes. 'BIT BY BIT'The shift in thinking gained momentum at the BOJ's June policy meeting, but not enough to turn the tide. It was a test case, or a preliminary exercise, toward future policy normalisation," said former BOJ board member Takahide Kiuchi.

Persons: Issei Kato, Kazuo Ueda, Haruhiko Kuroda, Fumio, accommodative Kuroda, Ueda, YCC, There's, Hirokazu Matsuno, Seiji Adachi, Asahi Noguchi, Ryozo Himino, Shinichi Uchida, Uchida, Masato Kanda, Kanda, Takahide, Leika Kihara, Takaya Yamaguchi, Takahiko Wada, Kentaro Sugiyama, Yoshifumi, Sam Holmes Organizations: Bank of Japan, REUTERS, TOKYO, Bank, Ueda, Reuters, BIT, Asahi, Nikkei, Thomson Locations: Tokyo, Japan

☆ Kishida's Gulf tour: 'Primary goal' is for Japan to secure enough energy, says Jefferies
▼ + stars: | 2023-07-19 | 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 Gulf tour: 'Primary goal' is for Japan to secure enough energy, says JefferiesThan Ha Pham, managing director of Jefferies, discusses Japanese Prime Minister Fumio Kishida's Middle East visit and says his agenda is to mend ties with the region and procure enough energy, especially LNG, for the short to mid term.

Persons: Jefferies, Ha Pham, Fumio Organizations: Japanese Locations: Japan

☆ Political scientist discusses China-Japan ties and Saudi Arabia
▼ + stars: | 2023-07-18 | 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 EmailGetting 'buy-in' from Saudi Arabia may help Japan push back on China influence: Political scientistJeffrey Hornung of Rand Corporation discusses Japanese Prime Minister Fumio Kishida's trip to the Middle East says Saudi Arabia is a "very important actor" in increasing Japan's political influence.

Persons: Jeffrey Hornung, Fumio Organizations: Rand Corporation, Japanese Locations: Saudi Arabia, Japan, China, East

☆ Japan and UAE agree innovation, climate change cooperation
▼ + stars: | 2023-07-17 | by ( Rachna Uppal | ) www.reuters.com time to read: +4 min

State news agency WAM also said the two leaders discussed a comprehensive strategic partnership between the UAE and Japan. Japan is actively developing greener and renewable energy technologies and aims to be carbon neutral by 2050. Kishida will also try to promote Japanese know-how as energy-producing countries have pledged to achieve a net zero transition, especially ahead of the COP28 climate summit to be held in Dubai in November. The GCC is a six-nation regional union that comprises Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain. "The secure energy supply from the UAE has supported Japan's economic growth for many years," Kishida wrote in a piece published by UAE state news agency WAM on Sunday.

Persons: Mohamed bin Zayed Al Nahyan, Kishida, Ryan Carter, Fumio Kishida's, Sheikh Mohammed bin Zayed Al Nahyan, WAM, Saudi Crown Prince Mohammed bin Salman, Hikariko Ono, Rachna Uppal, Sakura Murakami, Andrew Mills, Aziz El Yaakoubi, Conor Humphries, David Evans, Alex Richardson, Jacqueline Wong Organizations: United Arab Emirates, United, UAE, United Arab, Japan, Qatar, Saudi Crown, Cooperation Council, GCC, Abu Dhabi National Oil Company, Thomson Locations: Japan, Qasr Al Watan, Abu Dhabi, United Arab, ABU DHABI, United Arab Emirates, UAE, State, Dubai, Saudi Arabia, Riyadh, Tokyo, Saudi, Qatar, Kuwait, Oman, Bahrain

☆ Japan's prime minister wants a 'multi-layer' relationship with the Middle East, analyst says
▼ + stars: | 2023-07-17 | 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 EmailJapan's prime minister wants a 'multi-layer' relationship with the Middle East, analyst saysKana Sato of the JIME Center Institute of Energy Economics discusses Japanese Prime Minister Fumio Kishida's Middle East visit.

Persons: Kana Sato, Fumio Organizations: JIME Center Institute of Energy Economics, Japanese

☆ Japan, Saudi Arabia set to agree on rare earth resources joint development - Nikkei
▼ + stars: | 2023-07-15 | by ( ) www.reuters.com time to read: +1 min

TOKYO, July 15 (Reuters) - Japan and Saudi Arabia are expected to agree on joint investment to develop rare earth resources during Prime Minister Fumio Kishida's visit to the Middle East starting Sunday, Nikkei reported. Kishida plans to visit oil producers Saudi Arabia and United Arab Emirates, as well as liquefied natural gas producer Qatar - the three major energy suppliers to resources-poor Japan - on July 16-18. Rare earth resources are essential for decarbonisation and production of electric vehicles in particular as Japan aims to be carbon-neutral by 2050 and Saudi Arabia is also actively trying to diversify its oil-reliant economy. According to Nikkei on Saturday, Kishida and Saudi Crown Prince Mohammed bin Salman are set to agree on rare earth resources cooperation on Sunday to jointly explore development projects in other countries. Japan will also help to speed-up development of resources currently being explored in Saudi Arabia and namely copper, iron and zinc, Nikkei added.

Persons: Fumio Kishida's, Kishida, Saudi Crown Prince Mohammed bin Salman, Katya Golubkova, Michael Perry Organizations: East, Nikkei, United, Saudi Crown, Thomson Locations: TOKYO, Japan, Saudi Arabia, United Arab Emirates, Qatar, Kishida

☆ Support for Japan PM Kishida's cabinet slumps, Mainichi Shimbun poll shows
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +1 min

TOKYO, June 19 (Reuters) - Support for Japanese Prime Minister Fumio Kishida's cabinet slid 12 percentage points to 33%, coming off a peak during a Group of Seven leaders summit in Hiroshima, the Mainichi Shimbun reported on Sunday, citing its own poll. The disapproval rate rose to 58% from 46% in the previous survey in late May, after a scandal involving Kishida's eldest son and a series of technical problems with the national identity card system, according to Mainichi, which conducted the poll over the weekend. Approval for the Kishida government had been on the upswing in the run up to the G7, reaching the highest level last month since August 2022, Mainichi said. Some had speculated Kishida would call a snap election in advance of the party leadership race next year. A separate poll conducted by the Kyodo news agency showed on Sunday that support for Kishida's cabinet sank to 40.8% from 47% in May.

Persons: Fumio, Rocky Swift, Gerry Doyle Organizations: Japanese, Seven, Mainichi Shimbun, Mainichi, Kyodo, Thomson Locations: TOKYO, Hiroshima

☆ Japanese Prime Minister Kishida's new child care plan lacks specifics, says author
▼ + stars: | 2023-06-14 | 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 EmailJapanese Prime Minister Kishida's new child care plan lacks specifics, says authorWilliam Pesek, journalist and author of "Japanization: What the World Can Learn from Japan's Lost Decades," discusses Japanese Prime Minister Fumio Kishida's plan to double child care spending.

Persons: Kishida's, William Pesek, Fumio Organizations: Japanese

The draft plan, which was presented at Kishida's top economic advisory panel on Wednesday, underscored the challenge for the leader, who is seen as a fiscal hawk, to strike a balance between economic growth and fiscal consolidation. The closely-watched policy framework will be approved by Kishida's cabinet this month, along with a separate action plan on his "new capitalism" agenda. "We will not abandon the flag of fiscal reform," Economy Minister Shigeyuki Goto told reporters after the panel's meeting. "There's no change to the government stance of striving to achieve a primary budget surplus in fiscal 2025," Goto added. The framework said the government will conduct a review of any progress of its fiscal reform in the fiscal year 2024 so as to create a medium-term economy and fiscal scheme.

Persons: Fumio Kishida's, Takahide Kiuchi, Shigeyuki Goto, Goto, largesse, Kishida Organizations: Nomura Research Institute, Liberal Democratic Party, LDP ₎, International Monetary Fund, Bank of Japan, Thomson Locations: TOKYO, Japan

TOKYO, June 7 (Reuters) - Japan is committed to mobilise all policy options available while putting the economy before fiscal reform, according to a draft of the government's mid-year policy framework reviewed by Reuters on Wednesday, signalling its will to keep the fiscal spigot wide open before looming elections. Kishida, who is seen as a fiscal hawk, also hopes to strike a delicate balance between fiscal stimulus and the unwinding of it, with the framework calling for normalisation from crisis-mode fiscal largesse. "We have not abandoned the flag of fiscal reform," the framework said, in a tacit reference to Kishida's aim of bringing a primary budget surplus, excluding new bond sales and debt servicing costs, by the fiscal year ending in March 2026. The target was originally set to be met in the early 2010s but has pushed back four times. Reporting by Tetsushi Kajimoto; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

Persons: Fumio, Kishida, Tetsushi Kajimoto, Christian Schmollinger Organizations: Reuters, Liberal Democratic Party, Thomson Locations: TOKYO, Japan, Ukraine

☆ Japan PM Kishida says his son to quit as aide after 'inappropriate' behaviour
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +1 min

Kishida told reporters that Shotaro Kishida would step down as his secretary from Thursday, saying the change was due to "inappropriate" behaviour at the official residence. A weekly magazine last week published photos of the younger Kishida and relatives apparently pretending to hold a news conference at the podium where the prime minister usually stands. "His behaviour at a public space was inappropriate as someone who is in an official position as political aide. I suspect (Kishida) appointed someone who is not capable (of being the) prime minister's aide to the post," Osaka was quoted as saying. Reporting by Satoshi Sugiyama, Mariko Katsumura, Kiyoshi Takenaka; Editing by David Dolan and Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea's Yoon thanks Japan's Kishida for his efforts to mend ties
▼ + stars: | 2023-05-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] South Korean President Yoon Suk Yeol shakes hands with Japanese Prime Minister Fumio Kishida during a joint press conference after their meeting at the presidential office in Seoul on May 7, 2023. ... Read moreSEOUL, May 21 (Reuters) - South Korean President Yoon Suk Yeol said on Sunday that Japanese Prime Minister Fumio Kishida's words resonated with many South Koreans when earlier this month he said that "his heart hurts" for those who suffered as wartime labourers under Japan's colonial rule. Yoon made the remark at a meeting with Kishida on the sidelines of the Group of Seven (G7) Summit in Hiroshima in Japan. Ahead of their meeting on Sunday, Yoon and Kishida visited the Hiroshima Memorial Peace Park to pay their respects at a memorial for Korean victims who had perished in the atomic bombings in 1945. "I feel that our visit was important for both Japan and South Korea relations, as well as for us to pray for world peace," Kishida said to Yoon ahead of the meeting.

☆ South Korean experts to visit Fukushima nuclear plant, Japan says
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: 1 min

TOKYO, May 19 (Reuters) - A team of around 30 South Korean experts will visit Japan during May 22-25 to inspect facilities related to water release from the wrecked Fukushima Dai-ichi nuclear power plant, Japan's foreign ministry said on Friday. The visit was agreed during Japanese Prime Minister Fumio Kishida's visit to Seoul earlier this month as his counterpart, South Korea's President Yoon Suk-yeol, is seeking to improve relations with Japan after years of tensions. Japan plans to release the water from Tokyo Electric Power Co's (9501.T) Fukushima plant, which was destroyed during the 2011 nuclear disaster, into the sea sometime "around this spring or summer, raising concerns in neighbouring countries. Reporting by Kantaro Komiya; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

The resumption of bilateral financial discussions comes ahead of Japanese Prime Minister Fumio Kishida's planned visit to South Korea on Sunday and Monday for talks with President Yoon Suk Yeol. It also came as Asian policymakers, gathering for the annual Asian Development Bank (ADB) meeting this week in the South Korean city of Incheon, discussed regional economic challenges and ways to beef up buffers against various shocks. In a joint statement issued after their meeting on Tuesday, Asian finance leaders warned of risks to the region's economy and called for countries to stay vigilant to potential spillovers from the recent U.S. and European banking sector turmoil. Japan and South Korea will resume regular finance dialogue, likely to be held annually, at "an appropriate timing," Suzuki told reporters after the bilateral meeting. Choo is expected to visit Japan this year for another meeting with Suzuki, South Korea's finance ministry said.

The resumption of bilateral financial discussions comes ahead of Japanese Prime Minister Fumio Kishida's planned visit to South Korea on Sunday and Monday for talks with President Yoon Suk Yeol. Japan and South Korea will resume regular finance dialogue, likely to be held annually, at "an appropriate timing," Suzuki told reporters after the bilateral meeting. Washington has pressed both countries to resolve these disputes to better counter rising threats from China and North Korea and other regional challenges. Under Yoon, South Korea has resumed trilateral military drills and agreed to more intelligence sharing on issues like tracking ballistic missile launches from North Korea. China's finance minister and central bank head were not present at a trilateral meeting, with their deputies attending instead.

SummarySummary Companies Japan, South Korea hold 1st bilateral finance meeting in 7 yearsTwo nations to resume regular finance dialogue, likely annualAsia policymakers to discuss safeguardsINCHEON, South Korea May 2 (Reuters) - Japan and South Korea held their first finance leaders' meeting in seven years on Tuesday and agreed to resume regular dialogue, as tensions in the region and slowing growth prod them to increase co-operation and mend strained relations. The resumption of bilateral financial discussions comes ahead of Japanese Prime Minister Fumio Kishida's planned visit to South Korea next week for talks with President Yoon Suk Yeol. "Japan and South Korea are important neighbours that must cooperate to address various challenges surrounding the global economy, as well as the regional and international community," Japanese Finance Minister Shunichi Suzuki said at the meeting with his South Korean counterpart Choo Kyung-ho. Japan and South Korea will resume regular finance dialogue, likely to be held annually, at "an appropriate timing," Suzuki told reporters after the bilateral meeting. Choo is expected to visit Japan this year for another meeting with Suzuki, South Korea's finance ministry said.

SummarySummary Companies Japan, S.Korea must address geopolitical challenges - SuzukiS.Korea's Choo urges Japan to restore 'white list' statusResumption of dialogue underscores mending relationsINCHEON, South Korea May 2 (Reuters) - Japan and South Korea held their first bilateral finance leaders' meeting in seven years on Tuesday, a sign relations between the two are thawing amid shared challenges from geopolitical tensions and slowing economic growth. The resumption of bilateral financial talks comes ahead of Japanese Prime Minister Fumio Kishida's planned visit to South Korea next week for talks with President Yoon Suk Yeol. "As for geo-political challenges, we're experiencing incidents like North Korea's nuclear missile development and Russia's invasion of Ukraine. Regular annual dialogue between the two countries' finance ministers has been suspended since 2016 due to disputes over wartime history. Suzuki said he hoped Japan and South Korea can continue with bilateral financial dialogue and that doing so would contribute to improving relations between the two countries.

☆ Japan, South Korea hold first finance leaders' meeting in seven years
▼ + stars: | 2023-05-02 | by ( ) www.cnbc.com time to read: +1 min

Japan Finance Minister Shunichi Suzuki arrives for the G20 Finance Ministers and Central Bank Governors meeting on April 13, 2023. Japan and South Korea held their first bilateral finance leaders' meeting in seven years on Tuesday, a sign relations between the two are thawing as they confront shared challenges from geopolitical tensions and slowing economic growth. The two countries agreed to resume regular finance dialogue "at an appropriate timing," Japanese Finance Minister Shunichi Suzuki told reporters after the meeting. The resumption of bilateral financial discussions comes ahead of Japanese Prime Minister Fumio Kishida's planned visit to South Korea next week for talks with President Yoon Suk Yeol. "Japan and South Korea are important neighbors that must cooperate to address various challenges surrounding the global and economy, as well as the regional and international community," Suzuki said at the meeting with his South Korean counterpart Choo Kyung-ho.

☆ Japan proposes industrial hub in Bangladesh with supply chains to India
▼ + stars: | 2023-04-11 | by ( Manoj Kumar | ) www.reuters.com time to read: +2 min

NEW DELHI, April 11 Reuters) - Japan has proposed developing an industrial hub in Bangladesh with supply chains to the landlocked northeastern states of India, and to Nepal and Bhutan beyond by developing a port and transport in the region, officials said on Tuesday. It comes after Japanese Prime Minister Fumio Kishida's visit to India last month in which he touted the idea of a new industrial hub for the Bay of Bengal and northeast India that could bolster development in the impoverished region of 300 million people. "It can be a win-win plan for India and Bangladesh," Hiroshi Suzuki, Japan's ambassador to India, said on Tuesday, citing the industrial hub proposal at a meeting of Indian, Bangladeshi and Japanese officials in Agartala, the Tripura state capital. He said the deep seaport was likely to become operational by 2027 and would be a key to building an industrial hub connecting the Bangladeshui capital Dhaka to landlocked areas of India. Prime Minister Sheikh Hasina will visit Japan from April 25-28 at Kishida's invitation, a government statement said.

☆ Japan's big firms offer largest pay rises in decades
▼ + stars: | 2023-03-15 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +4 min

The Rengo umbrella labour group has called for a 5% pay increase. The JERC survey showed that excluding seniority-based pay, base compensation that boosts fixed labour costs accounts for just 1.08%. "We need to focus on base pay. Workers from Japan's largest group of trade unions last week struck early agreements for hefty wage hikes. Unions have historically tended to settle for relatively meagre pay hikes around 2% in recent years, as unions are inclined to cooperate with management in keeping job security rather than aggressively demanding pay rises.

"Until now, the ministry has taken the defence companies for granted," said Masahisa Sato, an influential ruling party lawmaker and former deputy defence minister. Three of them, Mitsubishi Heavy, Mitsubishi Electric and IHI Corp (7013.T), which makes jet engines, bridges and heavy machinery, confirmed they had also taken part in other lower-level discussions. Reuters asked 10 of Japan's military suppliers, including Toshiba, Mitsubishi Electric, Daikin and Subaru, for interviews with their defence unit managers. Despite diplomatic tensions, China is Japan's top trade partner and a major manufacturing base for many Japanese companies. Even so, Japanese companies often refer to their military products as "special equipment," the government official said.

☆ Japan's big firms set to offer biggest pay rises in decades
▼ + stars: | 2023-03-14 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

Given that consumer inflation, at 4.1%, outpace wage hikes, pay rises of 3% or more need to continue in the coming years to sustain price stability at 2%, said Hisashi Yamada, senior economist at Japan Research Institute. "Average wage hikes that are consistent with the central bank's 2% price target are 3% which can be met this year albeit temporarily," Yamada said. Kishida's government will likely hold a joint three-party meeting with labour and management for the first time in eight years on Wednesday to ensure structural wage hikes. Workers from Japan's largest group of trade unions last week struck early agreements for hefty wage hikes. 1 automaker, and Honda, have also secured their biggest pay rises in decades.

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