Japan Economy & Business 日本経済とビジネス

[everywhere]

EU calls for launch of free trade talks with Japan
(Shanghai Daily/Xinhua, July 19)

BRUSSELS, July 18 (Xinhua) -- The European Union (EU)'s executive arm on Wednesday called on its member states to start Free Trade Agreement (FTA) talks with Japan.

"The European Commission has today decided to ask Member States for the green light to open free trade negotiations with Japan," said EU Trade Commissioner Karel De Gucht.

The initiative to start Free Trade Agreement (FTA) negotiation has been welcomed by both sides' industries, though it could put the European car market under pressure.

more: http://www.shanghaidaily.com/article...a.asp?id=83955



Japan's best "Kobe Beef" exported to HK
(China Economic, July 19)

Top-quality Japanese beef known as "Kobe Beef" was exported to Hong Kong for the first time on Wednesday by a beef marketing organization based in western Japanese city of Kobe.

Kobe Beef Marketing and Distribution Promotion Association said that a Cathay Pacific plane carrying about 1,300 kg of the beef took off from Kansai International Airport in Osaka Prefecture on Wednesday evening.

more: http://en.ce.cn/Industries/Consumen-...23504353.shtml

[everywhere]

Crisis Batters Global Faith in Capitalism
By Gregor Peter Schmitz in Washington
(Der Spiegel English, July

The global economic crisis has hit millions where it hurts the most: in the pocketbook. But a study released Thursday by the US-based Pew Research Center also finds that the crisis has damaged their faith in political leaders and the free market economy in general.

People around the world are worried about the state of their national economies, reports a new global survey conducted by the respected Pew Research Center in Washington. The survey, which polled 26,000 people in 21 countries, found that only about a quarter of respondents (27 percent) were happy with the economic situation in their countries.

The survey found only four countries in which a majority of people were happy with and optimistic about the economic situation: China (83 percent), Germany (73 percent), Brazil (65 percent) and Turkey (57 percent). Compared with a similar Pew survey conducted in 2008 -- that is, before the outbreak of the global financial crisis -- the recent poll found a striking decline in confidence. This, in turn, has led to a crisis in capitalism's economic model.

more: http://www.spiegel.de/international/...-a-844127.html


complete survey from the Pew Global Research:

http://www.pewglobal.org/2012/07/12/...world-economy/

[ukiyo]

Japan, Turkey Agree To Launch Joint Study On Free Trade Accord

TOKYO (Kyodo)--Japan and Turkey agreed Thursday to begin jointly studying the possibility of negotiating a bilateral free trade agreement, which Tokyo seeks to give it better access to a high-growth market while Ankara sees potential to tap into the world's third-largest economy.

http://e.nikkei.com/e/fr/tnks/Nni20120719D19JF664.htm

[everywhere]

Japan interested in investing in airport, ports in Indonesia
(Shanghai Daily/Xinhua, July 20)

JAKARTA, July 20 (Xinhua) -- Japan has fully committed to investing in projects to expand airports and sea ports near Jakarta and West Java of Indonesia, a move expected to help its transport system, local media quoted a Japanese official as saying on Friday.

Japan's Deputy Minister for Transportation, Tourism and International Affairs Takashi Kitamura said his country was keen to team up with Indonesian officials to expand Soekarno-Hatta International Airport in Tangerang, on an outskirts of Jakarta and the container terminal in Tanjung Priok of North Jakarta.

The deputy also expressed interest in constructing Cilamaya Port and a new airport, both in Karawang, West Java, among other plans. He said their involvement in the projects aimed to help improve Indonesia's transportation sector.

more: http://www.shanghaidaily.com/article...a.asp?id=84319


Honda begins construction of 2nd automobile production line in Malaysia
(Japan Today, July 20)

PEGOH, Malaysia — Honda Malaysia, a Honda automobile production and sales joint venture in Malaysia, on Thursday held a groundbreaking ceremony to mark the start of construction of its second automobile production line at the existing auto plant in Malacca, Malaysia.

The ceremony was attended by Y.A.B. Datuk Seri Hj. Mohd. Ali Bin Mohd. Rustam, Chief Minister of the State of Malacca and Y.B. Dato’ Seri Mustapa Mohamed, Malaysian Minister of International Trade and Industry as guests of honor as well as other dignitaries, guests, and Honda executives and associates, including Hiroshi Kobayashi, chief operating officer for Honda’s regional operations in the Asia Oceania Region.

On the second line, which is scheduled to begin operation before the end of 2013, Honda is planning to produce mostly small-sized vehicles such as Jazz (known as Fit in Japan), and hybrid vehicles.

more: http://www.japantoday.com/category/b...ne-in-malaysia


Honda recalls 320,000 vehicles worldwide
(Japan Today, July 20)

TOKYO — Honda Motor said Thursday it is recalling more than 320,000 vehicles worldwide because of a door lock defect.

The faulty locks could allow the vehicles’ doors to open unexpectedly, the automaker said, adding that its recall was for the 2012 CR-V sports utility vehicle and 2013 Acura ILX sedan. The vast majority of the recall is for the CR-V model, sold mainly into Japan, North America, China and South America.

About 7,300 Acura models would be recalled from North America, the company added. No accidents or injuries have been reported due to the door lock defect, a Honda spokesman said.

more: http://www.japantoday.com/category/b...cles-worldwide

[everywhere]

Japan to remain on recovery path but factory output slashed
(Japan Today, July 20)

TOKYO — Japan’s economy is still expected to outperform most of its developed nation peers this year thanks to solid domestic demand, but analysts have slashed forecasts for factory output as the slowdown in the global economy becomes more pronounced.

The world’s third-largest economy is set to grow by 2.2% in the year to next March, according to a Reuters poll of economists, slightly slower than the 2.3% pace seen in a similar survey in June.

Analysts also trimmed the possibility of Japan slipping back into recession in the next twelve months to 25%, compared with 30% in polls in May and June. However, cooling growth in China and the United States, on top of Europe’s deepening economic and fiscal troubles, prompted analysts to sharply cut their forecasts for Japan’s factory output.

more: http://www.japantoday.com/category/b...output-slashed


New Panasonic CEO oversees major restructuring
(Want China Times, July 20)

Kazuhiro Tsuga, the new CEO of Panasonic, is orchestrating the company's largest reform via restructuring and layoffs, a move whose ripple effect is spreading to mainland China.

Tsuga pointed out that in the new fiscal year starting April 2012, the company will invest a tremendous amount in corporate restructuring, exceeding the original estimated cost of 41 billion yen (US$515.5 million). Moreover, to slash operating costs, the number of staffers at the headquarters will be slashed to several hundred persons, down from 7,000 now.

As of March this year, Panasonic still had employment exceeding 330,000 persons, the highest among Japan's listed firms. However, since taking over the helm of the company, Tsuga has laid off 36,000 employees.

more: http://www.wantchinatimes.com/news-s...20120719000139


LG sees big sales in Japan
(Joongang Daily, July 19)

LG Electronics saw sales of its long-term evolution (LTE) smartphones in Japan reach 400,000 units, sources said yesterday.

The milestone comes after the tech heavyweight first targeted Japan’s LTE smartphone market with its Optimus LTE model in December, sources said.

more: http://koreajoongangdaily.joinsmsn.c...px?aid=2956447

[everywhere]

Nissan to shift SUV production to Renault Samsung
(Chosun Ilbo, July 20)

Renault Samsung, which has been struggling with lackluster sales in Korea, will manufacture 80,000 units of the follow-up model to Nissan's small X-trail SUV starting in 2014 for export to the U.S.

It is the first case in the Korean car market that a manufacturer will be making vehicles for another brand solely for overseas sales.

Renault Nissan chairman Carlos Ghosn is to announce the decision at a press conference in Seoul on Friday. France's Renault owns 80 percent of Renault Samsung, while Renault acquired Nissan in 1999.

more: http://english.chosun.com/site/data/...072001333.html



Fitch downgrades three major Japanese banks
(Japan Today, July 21)

TOKYO — Fitch said Friday it cut the credit rating of three of Japan’s biggest banks over concerns about Tokyo’s ability to support the financial sector, after the nation’s sovereign debt rating was also cut.

The ratings agency lowered its rating by one notch to ‘A-’ from ‘A’—the seventh highest on a 22-rating scale—for Mitsubishi UFJ Financial Group (MUFG), Mizuho Financial Group (MHFG), and Sumitomo Mitsui Financial Group.

In the same statement, Fitch said it also lowered its rating for Sumitomo Mitsui Trust Bank to the same level as the major banks. “The downgrade…reflects the government’s weakened financial ability to support the banking system as indicated by the downgrade of (Japan’s sovereign rating),” Fitch said in a statement.

more: http://www.japantoday.com/category/b...japanese-banks


Moody's put NEC on negative outlook
(Japan Today, July 21)

TOKYO — Ratings agency Moody’s on Friday lowered its credit outlook on NEC to negative from stable, reflecting concerns about the Japanese technology giant’s balance sheet.

Moody’s said it kept its Baa2 rating on NEC’s long-term debt unchanged, the agency’s ninth best rating on a scale of 19, but warned that Japan’s quake-tsunami disaster last year and flooding in Thailand had taken a toll.

For the fiscal year through March, NEC booked a 110.3 billion yen ($1.40 billion) loss as asset write-downs and tax payments hit its bottom line, even as operating profit rose. “The change in outlook reflects the slower-than-anticipated pace of recovery in NEC’s profitability and financial strength,” Moody’s said.

more: http://www.japantoday.com/category/b...gative-outlook

[everywhere]

Fitch downgrades three major Japanese banks
(Japan Today, July 21)

TOKYO — Fitch said Friday it cut the credit rating of three of Japan’s biggest banks over concerns about Tokyo’s ability to support the financial sector, after the nation’s sovereign debt rating was also cut.

The ratings agency lowered its rating by one notch to ‘A-’ from ‘A’—the seventh highest on a 22-rating scale—for Mitsubishi UFJ Financial Group (MUFG), Mizuho Financial Group (MHFG), and Sumitomo Mitsui Financial Group.


In the same statement, Fitch said it also lowered its rating for Sumitomo Mitsui Trust Bank to the same level as the major banks. “The downgrade…reflects the government’s weakened financial ability to support the banking system as indicated by the downgrade of (Japan’s sovereign rating),” Fitch said in a statement.

more: http://www.japantoday.com/category/b...japanese-banks


Moody's put NEC on negative outlook
(Japan Today, July 21)

TOKYO — Ratings agency Moody’s on Friday lowered its credit outlook on NEC to negative from stable, reflecting concerns about the Japanese technology giant’s balance sheet.

Moody’s said it kept its Baa2 rating on NEC’s long-term debt unchanged, the agency’s ninth best rating on a scale of 19, but warned that Japan’s quake-tsunami disaster last year and flooding in Thailand had taken a toll.


For the fiscal year through March, NEC booked a 110.3 billion yen ($1.40 billion) loss as asset write-downs and tax payments hit its bottom line, even as operating profit rose. “The change in outlook reflects the slower-than-anticipated pace of recovery in NEC’s profitability and financial strength,” Moody’s said.

more: http://www.japantoday.com/category/b...gative-outlook


Alliance to boost production in Busan
(Joongang Daily, July 21)

Renault-Nissan Alliance will invest $160 million (182.4 billion won)in Renault Samsung Motors to establish a Nissan production line in Busan and boost the group’s Korea unit after a poor first-half performance, Chairman and CEO Carlos Ghosn said yesterday.

RSM’s plant in Busan will produce 80,000 Nissan Rogue crossover utility vehicles a year for shipment overseas starting in 2014.

“Adding production in Korea shows a commitment across the alliance to helping Renault Samsung Motors achieve its targets for cost competitiveness and growth,” said Ghosn, who visited company’s factory in Busan and its design research center in Giheung, Gyeonggi, before holding a press conference yesterday.

more: http://koreajoongangdaily.joinsmsn.c...home|newslist1


Japan condemns Indian car plant violence
(Japan Today, July 21)

NEW DELHI — Japan has condemned violence at a Maruti Suzuki car plant near New Delhi that claimed the life of an executive and left over 80 employees including two Japanese injured.

In a statement, the embassy of Japan in India said it “strongly deplores the loss of life including one death and scores of injuries caused by the sabotage perpetrated by a group of workers of Maruti Suzuki India.” The embassy “condemns the violence and vandalism,” the statement added.


India’s top carmaker Maruti Suzuki, majority owned by Japan’s Suzuki, stopped production at their Manesar plant in the northern state of Haryana after workers attacked managers and set fire to company property on Wednesday.

more: http://www.japantoday.com/category/b...plant-violence

[everywhere]

Japan PM, central bank chief meets as yen rises
(Channel News Asia, July 23)

TOKYO: Japan's Prime Minister Yoshihiko Noda was holding talks with the central bank chief Monday morning, reports said as the yen rose amid European debt woes.

Noda and Bank of Japan governor Masaaki Shirakawa began talks at a Tokyo hotel, Jiji Press news agency and other media reported with no further details.

more: http://www.channelnewsasia.com/stori...215107/1/.html

[ukiyo]

Noda To Maintain Close Coordination With BOJ Chief

TOKYO--Japan's prime minister said Tuesday he will stay in close touch with the governor of the Bank of Japan to ensure "common awareness of issues" and to work together to resolve problems facing the nation's economy.

Prime Minister Yoshihiko Noda held a rare meeting on Monday with BOJ Gov. Masaaki Shirakawa, leading to speculation that the two may have discussed ways to overcome Japan's deflation and the strong yen.

"I believe it is important to have this kind of communication from the perspective of sharing a common awareness of issues and carrying out our roles," Mr. Noda said during a parliamentary session. "I will maintain close coordination (with Mr. Shirakawa)."

http://e.nikkei.com/e/fr/tnks/Nni20120724D24JF055.htm

I really hope they do something about this.

[everywhere]

Japan's steelmakers see profit dive 80% in April-June quarter
(Japan Today, July 23)

TOKYO — Japan’s biggest steelmakers likely suffered a plunge in recurring profit of up to 80% in the April-June quarter as competition with Chinese rivals drove prices down, according to a report.

Nippon Steel likely recorded less than 10 billion yen (127 million) in consolidated recurring profit for the three months, down about 80% from a year earlier and nearly half from January-March, the Nikkei business daily said on Sunday.

Japan’s second-ranked JFE is also believed to have suffered a 60% plunge in recurring profit in the quarter, the paper said without naming its sources. The report did not mention the companies’ net profits.

more: http://www.japantoday.com/category/b...l-june-quarter


Toyota launches redesigned Porte and new Spade minivans
(Japan Today, July 24)

TOYOTA CITY — Toyota Motor Corp on Monday launched the completely redesigned Porte compact minivan, and its new counterpart, the Spade. Recently in Japan, demand has been increasing for compact cars with minivan-like features, such as a large sliding door and a spacious cabin.

The Porte and Spade are fun-yet-functional and feature a large, wide, remote-controlled electric sliding door for extremely easy passenger egress and ingress. Both the Porte and Spade feature a simple design, with the Porte emphasizing a relaxed feel, and the Spade sporting a sharp, presence-enhancing form.

The Porte and Spade come standard with a large, passenger-side remote-controlled sliding door that is 1,020 mm wide by 1,250 mm high. The door can be opened and closed using a wireless key or by the touch of a button from the driver or rear seats.

more: http://www.japantoday.com/category/b...mpact-minivans


Japanese shippers resume loading Iranian oil
(Japan Today, July 23)

TOKYO — Japanese shippers on Friday started loading their first cargo of Iranian oil in a month and a half, after the government provided insurance guarantees to replace EU coverage which was suspended due to sanctions against Iran, sources said.

The government signed contracts with two domestic shipping companies earlier this week to provide coverage for two super tankers, which are to load a total 3 million barrels of Iranian crude by the end of July for Japan’s biggest refiners, industry and government sources said.

Iran’s top oil buyer, China, will also load full contracted volumes of Iranian oil after refiner Sinopec and the National Iranian Tanker Co resolved a freight dispute, China-based oil officials said. Japanese buyers stopped loading Iranian crude in June ahead of EU sanctions that took effect on July 1 and banned European insurers from covering tankers carrying Iranian crude anywhere in the world.

more: http://www.japantoday.com/category/b...ng-iranian-oil

[everywhere]

Toyota's total car output hits 200 mln
(Shanghai Daily/Xinhua, July 24)

TOKYO, July 24 (Xinhua) -- Toyota Motor Corp. announced Tuesday that its global cumulative vehicle output since its original company, Toyoda Automatic Loom Works Ltd, began production in August 1935 hit 200 million units in June.

more: http://www.shanghaidaily.org/article...a.asp?id=84998


Peugeot, Toyota sign light vehicle deal
(Japan Today, July 24)

PARIS — French carmaker PSA Peugeot Citroen has reached a deal to provide Japan’s Toyota with light commercial vehicles for sale in Europe, the two companies said in a statement Monday.

The deal comes with Peugeot under fire in France after having announced earlier this month plans to cut 8,000 jobs and to close its historic Aulnay plant near Paris because of falling European sales.

The statement said PSA will provide Toyota with medium-sized vans derived from its existing vehicles and the two companies will then work together on developing a new generation of vehicles.

more: http://www.japantoday.com/category/b...t-vehicle-deal


Fujita Kanko to open second overseas office in Seoul
(Japan Today, July 25)

TOKYO — Fujita Kanko Inc, a leading Japanese hospitality company headquartered here, will open its second overseas office in Seoul, on Aug 1.

The company’s first overseas office in Shanghai was opened in 2010. Fujita Kanko said it plans to incorporate it next month to continue building its Asian business base, and will use both offices to maximize sales and marketing and business development efforts in the region.

South Korea is currently Japan’s largest outbound market, according to the Japan National Tourism Organization, followed by China and Taiwan. China and South Korea are also Japanese travelers’ top two destinations.

more: http://www.japantoday.com/category/b...ffice-in-seoul

[everywhere]

Canon establish subsidiary in Vietnam
(Japan Today, July 25)

TOKYO — Canon Inc and Canon Singapore Pte Ltd on Tuesday announced the establishment of Canon Marketing Vietnam Company Limited, a new Canon marketing subsidiary in Ho Chi Minh City, Vietnam.


The new company was established with the aim of creating an import, distribution, sales and service system for Canon products in Vietnam.

In recent years, Vietnam, which joined the World Trade Organization in January 2007, has made great strides in transitioning to a market economy and integrating into the international economic system.

more: http://www.japantoday.com/category/b...ary-in-vietnam


Japan posts record first-half deficit
(Japan Today, July 25)

TOKYO — The government said Wednesday that Japan posted a record trade deficit of about $37.3 billion in the first half of the year as soaring energy costs weighed on the world’s third-largest economy and key European exports slumped.

The finance ministry said the country saw a shortfall of about 2.9 trillion yen ($37.3 billion) in the first six months of 2012. The huge trade deficit stemmed largely from energy costs, with the resource-poor nation seeing a nearly 50% jump in purchases of liquefied natural gas and a 16% increase in crude oil shipments, the data showed.

Japan has struggled to meet its energy needs and turned to pricey fossil fuel alternatives after its nuclear reactors were switched off in the wake of last year’s atomic crisis at the Fukushima Daiichi plant.

more: http://www.japantoday.com/category/b...-trade-deficit


Japanese company looks to re-enter post-war Sri Lanka
(Shanghai Daily, July 25)

COLOMBO, July 25 (Xinhua) -- Boosting Sri Lanka's international profile, Japanese conglomerate and Fortune 500's Sumitomo Corporation, is returning to the post-war country, a statement by the Industry and Commerce Ministry said here on Wednesday.

Sumitomo is considered as one the largest trading houses in Japan, with 2012 revenue estimated at 26.8 billion U.S. dollars.

It began operations in Sri Lanka in 1968 but pulled out in 2009, the same year that a three decade war ended, leaving only a representative office in the capital Colombo.

more: http://www.shanghaidaily.org/article...a.asp?id=85259

[everywhere]

Toyota sets up Jiangsu branch to produce gearbox
(Want China Times, July 26)

Japanese automaker Toyota plans to set up a company in the economic zone of Changshu in eastern China's Jiangsu province to produce its continuous variable transmission (CVT) gearbox.

Toyota has invested US$285 million in the new plant that has an area of 14,000 square meters. It is expected to hire 850 employees and produce 240,000 CVT gearboxes a year around September 2014.

The company has already established a research center in Changshu. The branch that Toyota to step up stands at the epicenter of the factories that the company has built with its Chinese partners in Guangzhou, Changchun, Tianjin and Chengdu.

more: http://www.wantchinatimes.com/news-s...00124&cid=1206


Hitachi wins British high-speed rail contract
(Japan Today, July 26)

TOKYO — Hitachi will supply 596 train carriages for Britain’s inter-city high-speed rail project in a deal worth £4.5 billion ($6.99 billion), the company and the British government said Wednesday.

The giant Japanese conglomerate won the project along with British partner John Laing in 2009 but negotiations had been delayed after a change of government in Britain. The firms will supply 92 complete trains for the aging fleet on Britain’s inter-city rail networks, with Hitachi holding a 70% stake in the consortium while John Laing has 30%.

“I am extremely pleased that after a long period of negotiations, we have been able to complete the formal contract for this project,” Hitachi president Hiroaki Nakanishi said in a statement. Hitachi, whose products range from microchips to railways, has been shifting its business focus from consumer electronics to more stable, large-scale infrastructure projects abroad

more: http://www.japantoday.com/category/b...-rail-contract


Terumo offers to merge with Olympus
(Japan Today, July 26)

TOKYO — Major Japanese medical equipment maker Terumo said it had offered to make a 50-billion yen capital injection in scandal-hit Olympus and merge under a holding company.

“Terumo is currently proposing to Olympus a capital tie-up of 50 billion yen and the launch of a consultation committee towards establishing a joint holding company in the future,” Terumo said in a statement on Thursday. The integration would make the two companies a global leader in the medical equipment industry, it said.

Terumo noted the merger was only its proposal and no agreement had been reached with Olympus, a major maker of cameras, endoscopes and other precision equipment. The 50-billion-yen offer matches an investment sum Olympus has said it is looking for from a potential business partner to rehabilitate after a loss cover-up scandal came to light.

more: http://www.japantoday.com/category/b...e-with-olympus

[everywhere]

Nissan profits down 15%, hurt by strong yen
(Japan Today, July 27)

TOKYO — Nissan said Thursday its quarterly profit fell 15% from a year earlier as the strong yen bit into car sales. The Yokohama-based company reported a 72.3 billion yen profit, down from 85 billion yen a year earlier. Worldwide sales rose 2.6%.

Company chairman Carlos Ghosn said Nissan had triumphed in growing sales despite the “harsh economic environment” thanks to its strong model lineup, which includes the Leaf electric car.

Japanese automakers have been hammered by the strong yen which erodes profit from cars produced in Japan and then shipped overseas. Nissan has remained upbeat, however, earlier raising its forecast for the fiscal year through March 2013 to a 400 billion yen profit, up from its earlier forecast for 290 billion yen profit.

more: http://www.japantoday.com/category/b...-by-strong-yen


Cosmo Oil resumes jet, diesel imports after 5 months
(Japan Today, July 27)

SINGAPORE — Japanese oil refiner Cosmo Oil Co resumed imports of jet fuel and diesel in July for the first time since at least February as refinery maintenance and outages curbed supplies, industry sources said on Thursday.

The imports are expected to support diesel and jet fuel prices at a time when more than 500,000 barrels per day (bpd) of refining capacity is down in Asia. Cosmo Oil imported two diesel cargoes and one jet fuel cargo for July and is expected to import a similar volume for August, the sources said.


“They started importing again as they have a maintenance coming up,” said a Singapore-based trader, adding that imports were attractive because domestic prices were currently higher than international prices.

more: http://www.japantoday.com/category/b...after-5-months


Mazda recalls 217,500 vehicles in U.S. over acceleration defect
(Japan Today, July 28)

CHICAGO — Mazda said Friday it will recall 217,500 vehicles in the United States due to a problem with unintended acceleration that led to the recall of nearly 485,000 Ford vehicles.

The Mazda Tribute shares most of its parts with the Ford Escape sport utility vehicle, including the faulty cruise control cable.

more: http://www.japantoday.com/category/b...eration-defect

[everywhere]

Japan's core consumer prices fall in June
(Japan Today, July 28)

TOKYO — Japan’s core consumer prices unexpectedly fell in June from the same period a year earlier as energy prices weakened, and mild deflation is likely to persist given companies are reluctant to raise wages due to uncertainty about the global economy.

The data suggest that the Bank of Japan will remain under pressure to ease monetary policy to ensure prices start rising and to shield the economy from any damage from a strong yen. The 0.2% annual decline in core consumer prices in June compared with the median estimate for a flat reading and a 0.1% decline in the year to May.


In a more troubling sign, the so-called core-core inflation index, which excludes food and energy prices and is similar to the core index used in the United States, fell in June, showing that improvement in domestic demand from last year’s earthquake has been slow to feed into prices.

more: http://www.japantoday.com/category/b...s-fall-in-june

[ukiyo]

Japanese cars are 'most reliable' used car brands in UK

Japanese carmakers Honda, Toyota and Lexus have been named the most reliable used car brands in the UK in a survey by What Car? and Warranty Direct.

Suzuki and Subaru, also Japanese, were ranked fourth and fifth respectively in the survey of cars between three and 10 years old.

South Korean carmaker Hyundai shared sixth place with Japan's Mazda and Mitsubishi.

http://www.bbc.co.uk/news/business-18973775

[everywhere]

Russia, Japan eye closer economic ties
(China Daily USA/ITAR-TASS/Xinhua, July 29)

MOSCOW -- Russian President Vladimir Putin said Saturday that Moscow and Tokyo should strengthen economic cooperation between the two countries. Among areas of cooperation, auto industry and energy sector should be given priority, Putin said, adding that a number of Japanese car manufacturers intended to enter the Russian market.

During his meeting with visiting Japanese Foreign Minister Koichiro Gemba in the Black Sea resort of Sochi, Putin called for Russian-Japanese auto manufacturing projects and other joint projects to be implemented, the Kremlin press service reported.

"I would like to assure you that we shall do everything to make sure our Japanese counterparts are not disappointed and happy with their work in Russia," Itar-Tass news agency quoted Putin as saying.

more: http://usa.chinadaily.com.cn/world/2...t_15628005.htm


Japan Airlines Roars back with an Eye on U.S. Market
(WCARN.com/The Wall Street Journal, July 29)

The in-house laundry service at Japan Airlines Co. still presses the cabin crews' uniforms, but not their white shirts. Crew members now take care of that themselves. And JAL's mechanics at Haneda Airport reuse their lunch bags to carry small aircraft parts, saving the company 7 to 11 yen per bag, or about a dime.

"We were able to reduce costs by 60 million yen [about US$750,000] last year at this hangar," says Shinichi Shimotori, a 26-year JAL veteran aircraft mechanic. The yen-pinching culture shift at the country's proud, once profligate national airline -- part of a formal program called "JAL Philosophy" -- is contributing to one of the more dramatic turnarounds in global aviation history.

Less than three years ago, JAL filed for bankruptcy with US$30 billion in debt, becoming one of Japan's largest ever corporate failures. This September, JAL plans to relist its stock in an ambitious US$6 billion-plus initial public offering, the year's second-largest IPO behind Facebook and making it the first company ever to return to the main board of Tokyo's stock exchange after going through Japan's version of Chapter 11 bankruptcy. JAL is adding long-haul flights to the U.S., with a strategy of avoiding the crowded coastal airports.

more: http://www.wcarn.com/cache/news/20/20598.html

[everywhere]

Panasonic returns back to profit
(Shanghai Daily/Xinhua, July 31)

TOKYO, July 31 (Xinhua) -- Panasonic swang back to profit in the April-June quarter, logging a group net profit of 12.81 billion yen (about 163 million U.S. dollars) from a loss of 30.35 billion yen a year earlier mainly on cost-cutting.

more: http://www.shanghaidaily.org/article...a.asp?id=86397


Honda Motor quarterly net profit surges on robust sales
(Shanghai Daily/Xinhua, July 31)

TOKYO, July 31 (Xinhua) -- Honda's profit in the second quarter this year surged to 131.72 billion yen (about 1.7 billion U.S. dollars) on brisk car sales in major global markets.

For the April-June period, the Tokyo-based Honda Motor Co. reported an operating profit of 176.01 billion yen, about eight times more than the previous year, as a result of 2.44 trillion yen sales which jumped 42.1 percent over the same period last year, signalling a recovery from last year's earthquake and tsunami disaster.

more: http://www.shanghaidaily.org/article...a.asp?id=86394

[ukiyo]

Japan jobless rate down as households boost spending

TOKYO — Japan's unemployment rate edged down in June while households loosened their purse strings, offering a glimmer of hope for the nation's fragile economy.
But the positive data was tempered by figures on Monday that showed factory output turned down unexpectedly last month, stoking concerns that turmoil overseas is increasingly hurting the world's third-largest economy.

On Tuesday, official data showed the nation's unemployment rate hit 4.3 percent last month, down from 4.4 percent in May and beating market forecasts that Japan's jobless rate would remain unchanged, Dow Jones Newswires said.

Average household spending in June came in at 269,810 yen ($3,450), up 1.6 percent from a year earlier, but lower than the 2.9 percent rise forecast by economists.
"All in all, the Japanese economy is still on course to recovery, led by improvement in domestic consumption," Ogata said.

More: http://www.google.com/hostednews/afp...ceff457f16.101

[Cytokine]

Sharp shares dive to near 40-year lows

TOKYO —

Shares in Japan’s Sharp dived almost 30% to their lowest level in nearly four decades Friday, after the consumer electronics giant warned its annual loss would be bigger than first thought.

Shigeo Sugawara, a senior investment manager at Sompo Japan Nipponkoa Asset Management, said Sharp’s efforts to tackle its problems had failed to match investors hopes so far.

“In part due to the strong yen and global economic uncertainty, the firm isn’t making progress in structural reform as much as markets had expected,” he said.

The company also listed concerns for the future, including Japan’s deflation and its electricity supply, as the nation now uses only two of some 50 nuclear power reactors that used to provide one-third of the nation’s energy.

The government and utilities have not switched on most of the nuclear reactors due to public opposition after the crisis at the Fukushima Daiichi nuclear plant last year.

More: http://www.japantoday.com/category/b...quarterly-loss