economybusiness
Japan has no specific "defensive line" at which it will intervene in the market to stem the yen's slide, the finance minister said Friday, amid speculation the government will act if the currency falls below 152 to the U.S. dollar. The Finance Ministry will take "all possible measures" to curb excessive moves in the yen, Shunichi Suzuki said at a press conference, but he added, "We have no concrete defensive line" at which it would be appropriate to step into the market.
Kyodo News
Tokyo stocks opened higher Friday, supported by bargain-hunting following sharp falls the previous day, with sentiment boosted by a new all-time high reached overnight on the U.S. Dow Jones index. In the first 15 minutes of trading, the 225-issue Nikkei Stock Average rose 243.17 points, or 0.61 percent, from Thursday to 40,411.24. The broader Topix index was up 21.78 points, or 0.79 percent, at 2,772.59. On the top-tier Prime Market, gainers were led by mining, real estate, and air transportation shares. At 9 a.m., the U.S. dollar fetched 151.44-46 yen compared with 151.33-43 yen in New York a...
Kyodo News
Japan's industrial output in February fell 0.1 percent from the previous month, government data showed Friday. The seasonally adjusted index of production at factories and mines stood at 97.9 against the 2020 base of 100, the Ministry of Economy, Trade and Industry said in a preliminary report. It followed a 6.7 percent decline in January.
Kyodo News
Japan's unemployment rate rose to 2.6 percent in February from 2.4 percent in the previous month, government data showed Friday. The job availability ratio fell 0.01 point from January to 1.26, meaning there were 126 jobs available for every 100 job seekers, according to separate data.
Kyodo News
Bullet train services on some sections of eastern Japan lines were suspended Friday due to power transmission problems, their operator said. The Tohoku Shinkansen line became unable to properly supply power at around 5:45 a.m., leading to a suspension of operations between Tokyo and Sendai stations, East Japan Railway Co. said. Operations of the Akita Shinkansen between Tokyo and Sendai and the Yamagata Shinkansen between Tokyo and Fukushima were also halted, the company said.
Kyodo News
Prime Minister Fumio Kishida said Thursday that Japan is "still halfway" to ending deflation, pledging to continue implementing measures to achieve a virtuous cycle of wage and price rises. "Whether we seize the opportunity to overcome deflation or regress depends on what kind of steps we take," Kishida said at a press conference after the budget for the next fiscal year starting April was enacted in parliament earlier in the day. Kishida said the government will carry out tax cuts and necessary policies to push up wages for employees of smaller companies at home in a bid to realize disposable...
Kyodo News
Tokyo Electric Power Company Holdings Inc. said Thursday it has submitted a plan to the nuclear regulator to begin loading fuel in a reactor at an idled plant, northwest of Tokyo, next month, as part of moves to potentially restart the facility. The proposed loading of the No.7 reactor at the Kashiwazaki-Kariwa nuclear plant in Niigata Prefecture from April 15 was submitted to the Nuclear Regulation Authority. TEPCO has yet to restart any of its reactors halted after the Fukushima Daiichi nuclear disaster triggered by the March 2011 earthquake and tsunami. No timeline for a restart has been de...
Kyodo News
China will lift anti-dumping tariffs on Australian wine, its Commerce Ministry said Thursday, with Canberra welcoming the end of three years of sanctions amid improved ties as benefitting both Australian producers and Chinese consumers. The ministry said the duties of up to around 200 percent will be scrapped Friday because they are "no longer necessary" given changes in the wine market in China. Australian Prime Minister Anthony Albanese said in response that Canberra will discontinue its legal proceedings at the World Trade Organization over the Chinese tariffs on wine. Sino-Australian ties ...
Kyodo News
China's funding of major infrastructure projects in Southeast Asia has fallen over $50 billion short of its commitments, with only a little over a third of promised funds having been delivered for projects signed over a six year period until 2021, analysis by an Australian think-tank has shown. China is Southeast Asia's largest infrastructure financing partner, providing funding for a number of large-scale infrastructure projects launched under China's ambitious Belt and Road global infrastructure initiative. But the analysis released by the Sydney-based Lowy Institute on Wednesday found just ...
Kyodo News
Japan's parliament on Thursday enacted a 112.57 trillion yen ($744 billion) budget for fiscal 2024 starting in April, the second-largest, to better respond to security threats and demographic challenges, ease the pain of inflation and rebuild earthquake-hit areas. The budget includes a record 7.95 trillion yen in defense spending as the nation seeks to bolster defense capabilities in the face of threats from China and North Korea. The government revised its initial plan and double the amount of emergency funds to 1 trillion yen after a deadly quake hit central Japan on New Year's Day. Although...
Kyodo News
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