economybusiness
The Beijing motor show reopened on Thursday after a four-year hiatus, featuring the latest electric vehicle models from major automakers worldwide, amidst intensifying competition in the world's largest auto market for new energy vehicles. Nissan Motor Co. unveiled four new energy concept vehicles at the auto show, with President and CEO Makoto Uchida vowing the company's commitment to a "China-tailored strategy." Toyota Motor Corp. displayed two new battery EV models to be sold in the Chinese market within a year as part of its approach to achieving carbon neutrality. The automaker said its e...
Kyodo News
The Office of the U.S. Trade Representative said Thursday "many serious concerns" about intellectual property protection and enforcement in China persist, criticizing its slow pace of reform. The office said China is one of the seven countries remaining on its "priority watch list," pointing out that, among many other issues, it and Hong Kong were again the largest exporters of counterfeit goods in fiscal 2023. "China's e-commerce markets, the largest in the world, remain a source of widespread counterfeits as infringing sales have migrated from physical to online markets," the USTR said in an...
Kyodo News
Four people sued the Japanese arm of U.S. tech giant Meta Platforms Inc. on Thursday over false investment ads using fake celebrity endorsements on Facebook and Instagram. The plaintiffs, including those from Kobe and Tokyo, filed the lawsuit with the Kobe District Court in western Japan, claiming they had lost money because the company was negligent in verifying the legitimacy of such advertisements. They are seeking a total of 23 million yen ($147,000) in damages. Social media scams soliciting investments by using the names and images of prominent business figures without their consent have ...
Kyodo News
Duty-free sales at Japan's department stores in March surged nearly 2.5-fold from a year earlier to a record 49.5 billion yen ($320 million), as demand for luxury brands were boosted by the weak yen amid an influx of travelers during cherry blossom season, data by an industry body showed Thursday. The figure was the highest since comparable data became available in October 2014, surpassing pre-pandemic levels of 2019 for the ninth straight month, while the number of duty-free shoppers also set a fresh record for March at 454,000, the Japan Department Stores Association said. Overall same-store...
Kyodo News
The U.S. dollar rose to new 34-year highs in Tokyo in the upper 155 yen range on Thursday, as currency traders tested the limits of the yen's weakness amid speculation that a market intervention by Japanese authorities is still a way off. Recent firmer-than-expected U.S. economic data has reduced trader bets that the Federal Reserve will soon cut interest rates, suggesting a continuation of the wide interest rate differential between Japan and the United States that has sent the yen to as low as around 155.73 yen. At 3 p.m., the dollar fetched 155.65-68 yen compared with 155.28-38 yen in New Y...
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. 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
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