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"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.

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.

South Korean President Yoon Suk-yeol told reporters that Pyongyang has been "indiscriminately carrying out provocations", vowing to devise "watertight countermeasures". North Korea's military issued a statement via state media KCNA early on Friday saying that it took "strong military countermeasures", over artillery fire by South Korea on Thursday. The unprecedented frequency of North Korea's missile launches has raised concerns it may be preparing to resume testing of nuclear bombs for the first time since 2017. It said the South Korean air force "conducted an emergency sortie with its superior air force, including the F-35A". "The KPA sends a stern warning to the South Korean military inciting military tension in the frontline area with reckless action," its spokesman said, according to KCNA.

☆ 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.

☆ Japan PM Kishida 'not thinking of shortening' BOJ Kuroda's term - FT
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

Kishida also said the BOJ needed to maintain its current policy until wages rise and that companies need to increase pay, according to the newspaper. The comments from Kishida come as the yen has been sold heavily this year due to the widening gap between U.S. and Japanese interest rates. Register now for FREE unlimited access to Reuters.com RegisterReferring to Kuroda's 10-year tenure which ends in April next year, Kishida said: "At the moment, I am not thinking of shortening his term." "It’s hard to put a figure on what level of inflation is appropriate," Kishida also said. The BOJ has aimed for 2% annual consumer inflation as the target of its monetary policy.

From Tuesday, Japan will reinstate visa-free travel to dozens of countries, ending some of world's strictest border controls to slow the spread of COVID-19. Just over half a million visitors have come to Japan so far in 2022, compared with a record 31.8 million in 2019. GHOST TOWNNarita Airport, Japan's biggest international airport some 70 kilometres from Tokyo, remains eerily quiet, with about half of its 260 shops and restaurants shuttered. Whether overseas visitors wear face masks and abide by other common infection controls in Japan is another concern. "From the start of the pandemic until now, we've had just a few foreign guests," said Tokyo innkeeper Sawa.

North Korea fired two ballistic missiles early on Sunday, officials in Seoul and Tokyo said, the seventh such launch since Sept. 25. Register now for FREE unlimited access to Reuters.com RegisterThe tests simulated striking military command facilities, main ports, and airports in the South, KCNA added. The naval forces of South Korea, Japan and the United States also conducted joint drills before that. South Korean and U.S. officials say there are signs North Korea could soon detonate a new nuclear device in underground tunnels at its Punggye-ri Nuclear Test site, which was officially shuttered in 2018. NEW MISSILE, UNDERWATER SILOSOn Oct. 4, the North test-fired a ballistic missile farther than ever before, flying what it said was a new intermediate-range ballistic missile (IRBM) missile over Japan for the first time since 2017.

☆ N.Korea fires two ballistic missiles ahead of Harris visit to South
▼ + stars: | 2022-09-28 | by ( Hyonhee Shin | ) www.reuters.com time to read: +3 min

SEOUL, Sept 28 (Reuters) - North Korea fired two short-range ballistic missiles off its east coast on Wednesday, South Korea's military said, a day before U.S. Vice President Kamala Harris is set to arrive in Seoul. The launch came two days after South Korea and U.S. forces conducted a military drill in waters off the South's east coast involving an aircraft carrier. On Sunday, North Korea fired another ballistic missile towards the sea off its east coast. "North Korea's provocations will further strengthen the South Korean-U.S. deterrence and response capability, and only deepen North Korea's isolation from the international community," the Joint Chiefs said in a statement. Following a stop in Japan, Harris will land in the South Korean capital and visit the heavily fortified Demilitarised Zone (DMZ) between the neighbours on Thursday.

☆ Japan bans chemical weapons-related goods to Russia, concerned by nuke threats
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

Plastic letters arranged to read "Sanctions" are placed in front of Russian flag colors in this illustration taken February 25, 2022. REUTERS/Dado Ruvic/IllustrationTOKYO, Sept 26 (Reuters) - Japan has decided to ban exports of chemical weapons-related goods to Russia in an additional sanction against Moscow over its invasion of Ukraine, and is "deeply concerned" about the possible use of nuclear weapons, Chief Cabinet Secretary Hirokazu Matsuno said on Monday. Japan also added 21 Russian organisations such as science labs as the target of existing export bans, according to a government statement released after Monday's cabinet meeting, which formally approved the new sanction measures announced by the foreign minister at a Group of Seven meeting last week. read more"Japan is deeply concerned about the possibility of nuclear weapons used during Russia's invasion of Ukraine," Matsuno also said in a media briefing, adding Japan will continue to work with the international society in supporting Ukraine and sanctioning Russia. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kantaro Komiya; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Russia detains Japanese consul on spying charge; Tokyo hints at retaliation
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

The consul was released after a few hours of detention by the Russian agency. Tokyo has lodged a "strong protest" about the detention and signalled it may retaliate, Japan's Chief Cabinet Secretary Hirokazu Matsuno told a media briefing on Tuesday. Register now for FREE unlimited access to Reuters.com RegisterIt said the classified information, which also concerned Russia's cooperation with an unnamed Asia-Pacific country, had been obtained in return for a "monetary reward". The released consul has had no problem with health conditions and will depart Russia by Wednesday, Matsuno said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Reuters, Kantaro Komiya in Tokyo; Editing by Nick Macfie, Gerry Doyle and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Tokyo tightens security for slain Shinzo Abe's funeral
▼ + stars: | 2022-09-25 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Issei KatoTOKYO, Sept 25 (Reuters) - Japan's state funeral for former Prime Minister Shinzo Abe on Tuesday is under the spotlight as authorities seek to avoid the kind of security blunders exposed in his assassination in July. Japanese authorities – including Prime Minister Fumio Kishida - have acknowledged security flaws contributed to Abe's death. Canadian Prime Minister Justin Trudeau cancelled his planned attendance to focus on responding to a powerful storm. - The government plans to spend 1.65 billion yen ($11.5 million) on the funeral, including 800 million yen on security and 600 million yen to host foreign delegations. The high cost has partly fuelled a public backlash against the taxpayer-funded funeral at a time of economic hardship for many.

☆ Japan unlikely to intervene to stem weak yen, half of economists say
▼ + stars: | 2022-09-21 | by ( Kantaro Komiya | ) www.reuters.com time to read: +4 min

Register now for FREE unlimited access to Reuters.com RegisterStill, a slim majority of economists thought any direct action was a long shot. read moreFive respondents said 150 yen per dollar would prompt intervention. Japan last carried out yen-buying intervention in 1998, when the Asian financial crisis triggered a yen sell-off and rapid capital outflow. Economists expected core CPI to rise to 2.4% this fiscal year, before slowing to 1.2% in fiscal 2023, the poll showed. Elsewhere in the poll, BOJ Deputy Governor Masayoshi Amamiya was economists' top pick for the central bank's next chief to succeed incumbent Haruhiko Kuroda in the spring.

☆ Japan Investment Corp to set up 2nd Toshiba restructuring plan -Kyodo
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of Toshiba Corp. is displayed atop of the company's facility building in Kawasaki, Japan June 24, 2022. REUTERS/Issei KatoTOKYO, Sept 21 (Reuters) - State-backed Japan Investment Corp (JIC) is considering a second proposal for Toshiba Corp's (6502.T) restructuring plan, breaking off with Japan Industrial Partners (JIP) with which it linked up in the first round of bidding, Kyodo news reported on Wednesday. Toshiba has sought strategic proposals and restructuring plans, including going private after a buyout. JIP and JIC disagreed over the best proposal for Toshiba, prompting JIC to consider a new partnership with other funds that passed Toshiba's first bidding round, including Bain Capital or CVC Capital Partners, Kyodo said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kantaro Komiya, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

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