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Toyota Motor Corp. said Thursday its global production in fiscal 2023 grew 9.2 percent from a year earlier to a record 9.97 million vehicles but fell short of its goal of 10.1 million, impacted by recent data-rigging scandals at its group firms. Its overseas production in the year ended March rose 5.0 percent to a record 6.66 million vehicles, helped by robust demand in North America and Europe, the company said. The automaker saw its domestic production increase 18.7 percent to 3.31 million vehicles for the year thanks to strong post-pandemic demand at home despite the scandals, it said. Toyo...
Kyodo News
Toyota Motor Corp. said Thursday its global production in fiscal 2023 grew 9.2 percent from a year earlier to a record 9.97 million vehicles but fell short of its goal of 10.1 million, impacted by recent data-rigging scandals at its group firms. Its overseas production in the year ended March rose 5.0 percent to a record 6.66 million vehicles, helped by robust demand in North America and Europe, the company said.
Kyodo News
Japan's Nikkei benchmark index fell over 2 percent Thursday as investors locked in gains a day after sharp rises and on the back of weak earnings reports from Japanese companies. At 12:50 p.m., the 225-issue Nikkei Stock Average fell 787.39 points, or 2.05 percent, from Wednesday to 37,672.69.
Kyodo News
Survivors and family members of the victims of a 2005 train derailment that killed 107 people in the western Japan city of Amagasaki held a memorial ceremony Thursday to mark 19 years since the accident. Attendees gathered at a monument erected by West Japan Railway Co. to remember the victims where they paused for a moment of silence at 9:18 a.m., the time when the accident occurred at the site in Hyogo Prefecture. "We will continue our tireless efforts into the future" to ensure the safety of our operations, JR West President Kazuaki Hasegawa said at the ceremony. A total of 106 passengers a...
Kyodo News
The U.S. dollar climbed to a new 34-year high in the mid-155 yen range in Tokyo, as more solid U.S. economic data dampened expectations the Federal Reserve will cut interest rates soon. The dollar hit around 155.44 yen in the morning, as stronger-than-expected U.S. March durable goods orders reinforced the perception that the interest rate differential between the United States and Japan will remain wide, analysts said. At noon, the dollar fetched 155.43-44 yen compared with 155.28-38 yen in New York and 154.89-91 yen in Tokyo at 5 p.m. Wednesday. The euro was quoted at $1.0705-0709 and 166.39...
Kyodo News
The Japanese government on Thursday conducted on-site inspections of two plants of a subsidiary of IHI Corp., a day after the leading engine maker said fuel efficiency data had been falsified for decades. IHI Power System Co.'s plants in Niigata and Gunma prefectures were inspected, the transport ministry said, after data was found to have been rigged for 4,361 engines. IHI said data falsification may have taken place since the late 1980s at the Niigata plant and since 2001 at the Gunma factory. "We will sincerely cooperate and respond. We will make efforts to prevent a recurrence, while seeki...
Kyodo News
Finance Minister Shunichi Suzuki said Thursday there is no change "at all" in the government's stance that it will act appropriately with regard to the yen's value after it slipped past 155 to the U.S. dollar. Speaking in parliament, Suzuki said the government is carefully monitoring currency market developments but declined to comment further, amid market vigilance over a possible yen-buying dollar-selling operation to slow the Japanese currency's fall.
Kyodo News
The U.S. dollar was firm in the lower 155 yen range in Tokyo early Thursday after hitting a new 34-year high overnight, as solid U.S. economic data reinforced expectations that the Federal Reserve will keep interest rates elevated for a while. The dollar hit 155.37 yen in New York, topping the psychologically important 155 yen line, despite wariness over a yen-buying intervention by Japanese authorities. Investors have been selling the yen for the dollar amid the wide interest rate differential between Japan and the United States on receding expectations that the Fed will start cutting interes...
Kyodo News
The Bank of Japan is widely expected to leave its policy rate unchanged at a two-day meeting from Thursday, a month after implementing a hike for the first time in 17 years, though a persistently weak yen is raising the prospect of higher inflation driven by import costs. The Policy Board shifted to using short-term rates as its major policy tool last month, guiding them in a range of between zero and 0.1 percent. It ended unorthodox monetary easing that had weakened the yen, including its negative rate and yield cap program, as robust wage growth has boosted the BOJ's confidence that stable i...
Kyodo News
The Japanese government said Wednesday it will require advance notification from private firms seeking to export cutting-edge technologies such as quantum science, in an effort to prevent such technologies from being diverted to military purposes in countries like Russia and China. Export controls will also be tightened for non-cutting edge fields at risk of being used in conventional weapons, with the Ministry of Economy, Trade and Industry to request that firms investigate the possibility of such use, it said. A trade ministry ordinance under the foreign exchange and foreign trade law will b...
Kyodo News
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