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☆ Japan PM Kishida to visit South Korea for summit with Yoon - sources
▼ + stars: | 2023-04-29 | by ( Kevin Buckland | ) www.reuters.com time to read: +2 min

TOKYO, April 29 (Reuters) - Japanese Prime Minister Fumio Kishida is expected to visit South Korea in coming weeks and meet with President Yoon Suk Yeol, officials said, reciprocating a Tokyo visit by the South Korean leader last month. Japan's Kyodo news agency said on Saturday the two will meet around May 7 or 8, citing multiple unnamed Japanese and South Korean diplomatic sources. Asked about reports of the bilateral summit, Kishida said in remarks broadcast by public network NHK that nothing concrete had been decided. The two sides agreed to revive shuttle diplomacy when Yoon met with Kishida in Tokyo in March, the first Japan visit by a South Korean president in 12 years. The last visit by a Japanese prime minister to South Korea was made by Shinzo Abe in 2018, according to NHK.

☆ Support for Japan PM Kishida jumps, but policies still a hard sell, survey shows
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +1 min

TOKYO, April 17 (Reuters) - Support for the government of Japanese Prime Minister Fumio Kishida jumped in a survey taken at the weekend, but voters remained dubious about its proposals, including new childcare plans aimed at reversing the declining birthrate. A survey conducted by ANN television on Saturday and Sunday found 45.3% of respondents supported Kishida's government, up 10.2 points from the previous month. But roughly 80% did not think the government's childcare plans would do much to solve the low birthrate problem and some 60% disagreed with funding those plans by increasing the burden on taxpayers. Though Kishida struggled with sliding support late in 2022, more recent polls have showed a slight uptick in his ratings. A survey by the Mainichi daily also conducted at the weekend found support for Kishida at 36%, up from 33% in March.

The incident exposes vulnerabilities in Japan's security system and a failure to institute changes following the killing of former prime minister Shinzo Abe during an election campaign last year, four experts interviewed by Reuters said. Fukuda said for such big, international events, authorities are able to provide solid security by mobilising a huge police presence. The government has instructed authorities to strengthen security measures and to ensure safety precautions at gatherings of VIPs, he added. read moreIn Saturday's attack, the suspect was about 10 metres from Kishida, according to media reports. He said it showed that a review of security plans by the National Police Agency could only go so far.

April 17 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. The Asian calendar on Monday is light, with only Indonesian trade and Indian wholesale price inflation potentially moving markets. Indonesia's central bank begins a two-day meeting, and will announce its policy decision on Tuesday. chartInvestors will also have the first opportunity to react to two developments over the weekend - a policy steer from China's central bank chief, and Saturday's apparent attack on Japanese Prime Minister Fumio Kishida. Yi also said the central bank will seek to get real interest rates slightly below the potential growth rate.

☆ Japan PM Kishida evacuated unhurt after explosion at speech- media
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +2 min

Mandatory credit Kyodo via REUTERSTOKYO, April 15 (Reuters) - Japanese Prime Minister Fumio Kishida was evacuated unhurt after a suspect threw what appeared to be a smoke bomb at an outdoor speech in western Japan on Saturday, domestic media reported. A loud explosion was heard, but the premier took cover and was unharmed while police subdued a man at the scene, public broadcaster NHK said. Kishida had just started to deliver the speech after touring the harbour when Saturday's incident occurred, NHK said. Kishida was to continue his Saturday afternoon campaign schedule after the incident, the LDP confirmed via its Twitter account. The man appeared to be in his 20s or 30s, media said.

☆ Japanese PM unhurt after blast during campaign event
▼ + stars: | 2023-04-15 | by ( ) www.cnbc.com time to read: +4 min

Japanese Prime Minister Fumio Kishida was evacuated from the port in Wakayama after a blast was heard, but he was unharmed in the incident, local media reported on April 15. TOKYO (AP) — Japanese Prime Minister Fumio Kishida was evacuated unharmed Saturday after someone threw an explosive device at a campaign event in a western port city, officials said. Police wrestled a suspect to the ground as screaming bystanders scrambled to get away and smoke filled the air. In Abe's assassination, the former prime minister was shot with a homemade gun during a campaign speech. Abe's alleged assassin told investigators that he killed Abe, one of Japan's most influential and divisive politicians, because of the former prime minister's apparent links to a religious group that he hated.

☆ Kuroda less dovish as he departs BOJ after decade of massive stimulus
▼ + stars: | 2023-04-07 | by ( ) www.cnbc.com time to read: +4 min

Haruhiko Kuroda, governor of the Bank of Japan (BOJ), at the central bank's headquarters in Tokyo, Japan, on Thursday, May 27, 2021. Haruhiko Kuroda, governor of the Bank of Japan (BOJ), at the central bank's headquarters in Tokyo, Japan, on Thursday, May 27, 2021. Kuroda was not the first BOJ chief to attempt to influence public perceptions with monetary easing. When allusions to Peter Pan and spacecraft failed, the BOJ shifted to a defensive, long-term approach in 2016 with the introduction of yield curve control (YCC). "The BOJ's failure to change public expectations raises a lot of questions about the effectiveness of unconventional monetary policy."

☆ Kuroda departs BOJ after inflation fails to fly like 'Peter Pan'
▼ + stars: | 2023-04-07 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

The 78-year-old gives his press conference at 0630GMT, the Bank of Japan (BOJ) said. Kuroda was not the first BOJ chief to attempt to influence public perceptions with monetary easing. In 2015, he alluded to the Peter Pan fairy tale in explaining that to fire up inflation, the BOJ needed to have the public believe in its monetary magic with massive stimulus. When allusions to Peter Pan and spacecraft failed, the BOJ shifted to a defensive, long-term approach in 2016 with the introduction of yield curve control (YCC). "The BOJ's failure to change public expectations raises a lot of questions about the effectiveness of unconventional monetary policy."

The precedent set at the "shunto" spring wage talks also influences wages at smaller firms that employ seven out of 10 Japanese workers. The shunto wages eventually peaked in 1974 with a record 33% rise in pay. Wary of increasing fixed costs, many Japanese firms have long opted to pay one-off bonuses in good times rather than raise base pay. Economists projected a 2.85% wage increase in a January poll, with base pay increases accounting for 1.08% and 1.78% from an increase in additional salary, based on seniority. Asked whether they would carry out base pay increase, 41.6% said they intended to.

With the approval, government nominee Kazuo Ueda will officially succeed incumbent BOJ Governor Haruhiko Kuroda whose second, five-year term ends on April 8. But the BOJ's current policy is a necessary, appropriate means to achieve 2% inflation," Ueda told parliament last month, signalling that he was in no rush to hike rates. "I'll succeed the policy in the context of seeking to hit the BOJ's 2% inflation stably and sustainably," Ueda replied. Hiroshi Shiratori, a professor at Japan's Hosei University, see the appointment of Ueda as a sign Kishida wants the BOJ to phase out the legacy policy of Abenomics. "Ueda is saying the BOJ will maintain low rates for now.

The precedent set at the "shunto" spring wage talks also influences wages at smaller firms that employ seven out of 10 Japanese workers and supply big manufacturers. The focus on job security, rather than higher pay, is blamed for keeping Japan's wage growth stagnant. WHAT WILL BE THE OUTCOME OF THE WAGE TALKS? Analysts expect big firms to offer wage hikes of around 3% in wage talks, which would be the fastest pace of increase since 1997 when Japan was on the cusp of deflation. Kishida has approached Japan's union umbrella Rengo in prodding firms to hike base pay.

☆ Asia markets set to fall after Wall St logs worst week for the year
▼ + stars: | 2023-02-27 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

The Tokyo Tower, center, stands illuminated in Tokyo, Japan, on Wednesday, Oct. 23, 2019. Under Abenomics, as its known, the price goal was supposed to be achieved in just two years. Photographer: Keith Bedford /Bloomberg via Getty ImagesAsia Pacific markets are set to start the week lower on Monday after major indexes on Wall Street recorded their worst week for 2023. In Australia, the S&P/ASX 200 opened 0.95% lower, while Japanese markets are also headed for a lower open. Japan will also release its unemployment numbers later in the week.

Kazuo Ueda, a 71-year-old university professor who has kept a low profile despite strong credentials as a monetary policy expert, ticked some important boxes. While he was not even on the list of dark horse candidates floated by the media, Ueda was well known in global central bank circles. The bank's preferred choices were incumbent deputy governor Amamiya, as well as former deputies Hiroshi Nakaso and Hirohide Yamaguchi, given their deep knowledge on monetary policy. Matsuno said he hoped the BOJ works closely with the government and guides monetary policy flexibly, when asked whether Ueda's appointment could lead to a retreat from Abenomics. While he warned of the rising cost of the BOJ's yield control policy, Ueda has called for the need to keep monetary policy loose to ensure Japan stably achieves the bank's 2% inflation target.

☆ Bank of Japan’s new governor starts on back foot
▼ + stars: | 2023-02-14 | 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, Feb 14 (Reuters Breakingviews) - Academic Kazuo Ueda faces a rocky time as the new governor of the Bank of Japan (8301.T). He is stepping down just as his signature yield curve control (YCC) policy is becoming increasingly unsustainable as domestic inflation rises. The Nikkei news service reported that officials had approached Deputy Governor Masayoshi Amamiya and were rebuffed. It seems likely Ueda will have to modify or abandon YCC given how much damage it is doing to the bond market and the BOJ’s balance sheet. Follow @petesweeneypro on TwitterloadingCONTEXT NEWSJapan's government on Feb. 14 named academic Kazuo Ueda as its pick to become the next governor of the country’s central bank.

☆ Japan’s next central bank chief may rue promotion
▼ + stars: | 2023-02-13 | 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: +7 min

In fact, it has spent an average of 1.3 trillion yen per trading day since the band widened: nearly 50 trillion yen in total, per Refinitiv data, and still counting. The central bank already owns over half of Japan’s sovereign bonds and is sure to suffer large losses when their prices fall, which they eventually must. The central bank chief must also work to put the country’s vast stack of inert money back to work. Kuroda effectively put the central bank at the service of former Prime Minister Shinzo Abe’s “Abenomics” stimulus programme. Fumio Kishida, the current leader, is having popularity problems and will want the central bank to support his aggressive agenda, which includes hiking defence spending, promoting innovative startups and redistributing wealth.

[1/4] A Japanese flag flutters atop the Bank of Japan building under construction in Tokyo, Japan, September 21, 2017. "This is a problem that is not going to change easily," said Momoko Nojo, a prominent campaigner for gender equality in Japan. The BOJ ranked 142nd of 185 central banks on gender equality, according to a report last year by the Official Monetary and Financial Institutions Forum. About 11% of central banks surveyed had a female governor, a record high, while 37% had female deputy governors. That target is far below the European Central Bank, where women hold 30% of management roles.

☆ Factbox: Kazuo Ueda: Who is the new Bank of Japan governor and what can we expect from him?
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +4 min

TOKYO, Feb 10 (Reuters) - Japan's government is likely to appoint Kazuo Ueda, an academic and a former member of the Bank of Japan's policy board, as the next central bank governor, two government officials told Reuters on Friday. The 71-year-old is widely seen as an expert on monetary policy, but is seen as a surprise appointment by analysts. The following are some key questions and answers about the next central bank governor in the world's third-largest economy and the challenges he faces. He is an external director at JGC Holdings Corp (1963.T), an engineering company and at the state-owned Development Bank of Japan. In a 2016 article, Ueda wrote that the BOJ's ultra-easy policy seemed to be "reaching its limits".

☆ Shinzo Abe Book Criticizes Trump as Weak on North Korea
▼ + stars: | 2023-02-09 | by ( Peter Landers | Chieko Tsuneoka | ) www.wsj.com time to read: 1 min

President Donald Trump and Japan Prime Minister Shinzo Abe waving before playing a round of golf in Japan in 2019. TOKYO—In a posthumously published book, former Japanese leader Shinzo Abe said he pushed then-President Donald Trump to take a stronger stand on North Korea but found Mr. Trump weak and overly eager for a deal. Mr. Abe said in the Japanese-language book, published this week, that he grew worried North Korea would learn of Mr. Trump’s dovish tendencies. “We absolutely couldn’t let the outside world catch wind of it,” he said.

☆ First raise for Japan day labourer in 20 years, but McDonald's out of reach
▼ + stars: | 2023-01-20 | by ( Elaine Lies | ) www.reuters.com time to read: +3 min

TOKYO, Jan 20 (Reuters) - Masami Fujino got his first raise in 20 years recently, but it's still not enough to let the Tokyo day labourer treat himself to plain McDonald's hamburgers as much as he used to. "Last year, I finally got a bit of a raise at one place," said the 54-year-old, who works for a moving company and in construction. "It brought me up to minimum wage there at last," 1,072 yen ($8.31) an hour in Tokyo. But many of the small and midsize firms that employ the vast majority of Japanese workers cannot keep up. When they raise pay for their salaried workers, they need to cut back in other places.

☆ Toshiba buyout heralds a big step back for Japan
▼ + stars: | 2023-01-20 | by ( Una Galani | ) www.reuters.com time to read: +7 min

MUMBAI, Jan 20 (Reuters Breakingviews) - The end of a long battle to wring some value from Toshiba (6502.T) is finally within reach. Such an outcome won’t encourage private equity firms, and big policy shifts underway may stifle the industry just as it hits a new high. Instead, after an accounting scandal in 2015, Toshiba came to epitomise Japan Inc’s pervasive value destruction. Japan typically outperforms private equity deals in other developed markets, partly because existing incentive structures for company bosses are so poor. The country’s private equity industry is only just finding its feet.

☆ Trump boasts that Mar-a-Lago was a secure place to keep classified documents, despite evidence that it clearly wasn't
▼ + stars: | 2023-01-17 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +3 min

"Mar-a-Lago is a highly secured facility, with Security Cameras all over the place, and watched over by staff & our great Secret Service," wrote Trump. In the post, Trump compared Mar-a-Lago to President Joe Biden's "flimsy, unlocked, and unsecured" private residence in Wilmington, Delaware. This was recently spotlighted by the Justice Department investigation into the mishandling of classified documents and presidential records at Mar-a-Lago. The New York Times reported that of the more than 100 classified documents found at Mar-a-Lago, most were located in a non-secure storage area. During its August 2022 raid, FBI agents found classified documents in Trump's "45 Office" — located above Mar-a-Lago's main ballroom.

☆ Economists say BOJ's Amamiya is top governor candidate, tightening this week unlikely
▼ + stars: | 2023-01-16 | by ( Kantaro Komiya | ) www.reuters.com time to read: +5 min

Of the 24 economists who replied to the Jan 5-12 poll, 16, or 67%, chose Amamiya as the most likely candidate to become the next BOJ governor. Four economists in the poll, or 17%, chose Nakaso, who is seen less dovish than Amamiya, as the most likely candidate. In a September poll that asked the same question, Amamiya and Nakaso received 61% and 33% of economists' votes, respectively. Five analysts expected the unwinding of easing to start in April, at the first BOJ meeting under the new governor. Elsewhere in the poll, 83% of economists said Japanese nominal wages were unlikely to outpace rising consumer prices in 2023.

☆ Japan's top economic panel debates potential shift away from 'Abenomics'
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Jan 16 (Reuters) - The Japanese government's top economic policy panel on Monday held its first round of special sessions that will discuss the medium-to-long term direction of fiscal and monetary policies, including the pros and cons of "Abenomics". Japan pursued a reflationary policy led by monetary stimulus under former premier Shinzo Abe which has helped pull the world's No. Financial markets are, however, now more focused on if and when the central bank will pull back on monetary stimulus given sharp rises in inflation. It was not clear how many special sessions the Council on Economic and Fiscal Policy (CEFP) has planned. The sessions do not intend to discuss the Bank of Japan's exit strategy or draft new policy objectives to review a 2013 written mission statement between the government and the central bank, Cabinet Office officials said.

☆ Shinzo Abe Assassination Suspect Is Charged With Murder
▼ + stars: | 2023-01-13 | by ( Miho Inada | ) www.wsj.com time to read: 1 min

Tetsuya Yamagami, suspect in the killing of former Japanese Prime Minister Shinzo Abe. NARA, Japan—Prosecutors on Friday brought murder charges against Tetsuya Yamagami, the suspect in the assassination of former Japanese Prime Minister Shinzo Abe last July 8. Mr. Yamagami, now 42, shot and killed Mr. Abe at an election campaign rally in the western city of Nara using a homemade gun, according to prosecutors and videos of the event.

☆ Suspect in Shinzo Abe assassination to face murder charge, lawyer says
▼ + stars: | 2023-01-13 | by ( The Associated Press | ) www.nbcnews.com time to read: +4 min

TOKYO — Japanese prosecutors are expected to formally charge the suspect in the assassination of former Prime Minister Shinzo Abe with murder on Friday, his lawyer said. Later that month, Yamagami was sent to an Osaka detention center and given a five-month mental evaluation, which ended Tuesday. One of his lawyers, Masaaki Furukawa, told The Associated Press on Thursday that he expects prosecutors to charge Yamagami with murder and gun control law violations. Police say Yamagami told them that he killed Abe, one of Japan’s most influential and divisive politicians, because of Abe’s apparent links to a religious group that he hated. Current Prime Minister Fumio Kishida’s popularity has plunged over his handling of the church controversy and for insisting on holding a rare, controversial state funeral for Abe.

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