Economic news(2024/07/01)
Rakuten requests Ministry of Internal Affairs and Communications to retract online petition over hometown tax payment
2024-07-01 20:02:00
In response to the Ministry of Internal Affairs and Communications' decision to ban the recruitment of hometown tax donations through intermediary sites that offer points, the Rakuten Group, which operates the site, has started an online petition in opposition. The company is calling for the Ministry to revoke the decision, claiming that it is funding the points itself.
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Toyota subsidiary suspected of violating subcontracting law; investigation into allegations
2024-07-01 19:49:00
Following the decision by the Japan Fair Trade Commission to issue a recommendation under the Subcontract Act to Toyota Motor Corporation, which has accused a subsidiary of the company of having multiple subcontractor parts manufacturers store "molds" free of charge and burdening them with expenses, parent company Toyota is currently investigating the facts of the allegations.
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Tokyo market: 1 euro = 173 yen, the lowest since the introduction of the euro
2024-07-01 18:16:00
On Monday the 1st, in the Tokyo foreign exchange market, there was a move to sell yen and buy back euros as the results of the French lower house election were within the market's expectations, and the yen temporarily fell to the mid-173 yen range per euro, hitting its lowest value since 1999.
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Yahoo! LINE: "Reviewing capital ties with Korean companies is difficult in the short term"
2024-07-01 17:44:00
Regarding the large-scale information leak issue of LINE, the operating company LINE Yahoo! reported to the Ministry of Internal Affairs and Communications on the 1st the measures to prevent recurrence, and explained that it is difficult to review the capital relationship with the Korean company that caused the leak in the short term. The company says it will continue to work on it.
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GDP growth rate revised down to minus 2.9% on an annualized basis for January-March
2024-07-01 17:01:00
Following revisions to construction-related statistics, the Cabinet Office released new revised figures for gross domestic product (GDP) for the January-March period of this year, revising real growth to a minus 2.9% annualized rate from last month's announcement.
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Bank of Japan Tankan: Economic outlook for large manufacturing companies improves by 13 points for the first time in two quarters
2024-07-01 16:33:00
The Bank of Japan released the Tankan (Short-Term Economic Survey of Enterprises), and the index showing the economic outlook of large manufacturing companies was up 13 points, improving for the first time in two quarters, due to the progress of price pass-through and the recovery of semiconductor production. Meanwhile, the index for large non-manufacturing companies was up 33 points, down 1 point from the previous survey and worsening for the first time in 16 quarters.
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Stock prices rise slightly, Topix hits highest price in 34 and a half years
2024-07-01 16:28:00
At the start of the week on July 1st, the Tokyo Stock Exchange saw a slight increase in stock prices. The Topix closed at its highest price in 34 and a half years, since January 1990.
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SOMPO Holdings and RIZAP team up on new disease prevention service
2024-07-01 15:23:00
Sompo Holdings, a major non-life insurance company, and the Rizap Group, which operates training gyms, have entered into a capital and business alliance, and at a press conference on the 1st, they announced their intention to combine the customer bases and data of both companies to provide new services that will lead to disease prevention.
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Bank of Japan Tankan: Economic outlook for large manufacturing companies improves by 13 points for the first time in two quarters
2024-07-01 14:51:00
The Bank of Japan released the Tankan (Short-Term Economic Survey of Enterprises), and the index showing the economic outlook of large manufacturing companies was up 13 points, improving for the first time in two quarters, due to the progress of price pass-through and the recovery of semiconductor production. Meanwhile, the index for large non-manufacturing companies was up 33 points, down 1 point from the previous survey and worsening for the first time in 16 quarters.
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New organization begins operations to manage Emissions Trading Scheme
2024-07-01 12:43:00
A new organization that will be responsible for managing the Emissions Trading Scheme, which allows for the buying and selling of carbon dioxide reductions, began operations on the 1st in an effort to realize a carbon-neutral society.
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Mitsubishi UFJ Bank's corporate online banking service has a problem, making it impossible to make transfers
2024-07-01 12:33:00
Mitsubishi UFJ Bank's corporate internet banking service has been experiencing a problem, making it impossible to carry out transactions such as transfers since the morning of the 1st.
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Bank of Japan Tankan: Economic outlook for large manufacturing companies improves by 13 points for the first time in two quarters
2024-07-01 11:46:00
The Bank of Japan released the Tankan (Short-Term Economic Survey of Enterprises), and the index showing the economic outlook of large manufacturing companies was up 13 points, improving for the first time in two quarters, due to the progress of price pass-through and the recovery of semiconductor production. Meanwhile, the index for large non-manufacturing companies was up 33 points, down 1 point from the previous survey and worsening for the first time in 16 quarters.
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Bank of Japan Tankan: Economic outlook for large manufacturing companies improves by 13 points for the first time in two quarters
2024-07-01 10:52:00
The Bank of Japan released the Tankan (Short-Term Economic Survey of Enterprises), and the index showing the economic outlook of large manufacturing companies was up 13 points, improving for the first time in two quarters, due to the progress of price pass-through and the recovery of semiconductor production. Meanwhile, the index for large non-manufacturing companies was up 33 points, down 1 point from the previous survey and worsening for the first time in 16 quarters.
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Tokyo market: 1 euro = 173 yen, the lowest since the introduction of the euro
2024-07-01 10:27:00
At the start of the week on July 1st, the Tokyo foreign exchange market saw the yen being sold against the euro, dropping to the 173 yen range per euro, the lowest price since the euro was introduced in 1999. Although it was reported that a far-right party was expected to make a strong advance in the first round of the French lower house elections held on June 30th, there was a move to buy back the euro in the Tokyo market, as this was not much different from market expectations.
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GDP growth rate revised down to minus 2.9% on an annualized basis for January-March
2024-07-01 10:12:00
Following revisions to construction-related statistics, the Cabinet Office released new revised figures for gross domestic product (GDP) for the January-March period of this year, revising real growth to a minus 2.9% annualized rate from last month's announcement.
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Bank of Japan Tankan: Economic outlook for large manufacturing companies improves by 13 points for the first time in two quarters
2024-07-01 08:53:00
In the Tankan (Short-term Economic Outlook Survey) released by the Bank of Japan on the 1st, the index showing the economic outlook of large manufacturing companies was plus 13 points. This is two points higher than the previous survey, and is the first improvement in two quarters.
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Weak yen: Over 54% of small and medium-sized enterprises say it is a "major disadvantage" to them, according to a survey by the Japan Chamber of Commerce and Industry
2024-07-01 07:45:00
A survey by the Japan Chamber of Commerce and Industry found that over 54% of small and medium-sized enterprises answered that the weak yen's impact on their business performance was a "major disadvantage."
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Food prices rise for over 400 items in July, over 10,000 items expected for the full year for the third consecutive year
2024-07-01 07:03:00
More than 400 food items, including wine and sweets, will see price hikes in July, bringing the total number of food items to exceed 10,000 for the third consecutive year. In addition to higher raw material costs, the percentage of people citing the weak yen and labor costs as reasons for price hikes is increasing.
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1 euro = 172 yen range falls to the upper half of the Oceania foreign exchange market
2024-07-01 07:01:00
At the start of the week, on the 1st, the yen was sold against the euro in the Oceania foreign exchange market, dropping to the upper 172 yen range per euro, the lowest price since the euro was introduced in 1999. Although it was reported that the far-right party made a strong advance in the first round of the French lower house elections held on the 30th, there was a move to buy back the euro, as the results were not significantly different from previous expectations.
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Meiji Yasuda Life Insurance to raise retirement age to 70 from fiscal 2027; will the focus on senior workers grow?
2024-07-01 06:07:00
As securing human resources becomes a challenge for companies, Meiji Yasuda Life Insurance plans to extend its retirement age from the current 65 to 70 from fiscal 2027. Attention is focused on whether this trend of placing emphasis on senior personnel with experience and skills will spread further.
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Job hunting begins for high school students graduating next spring, with prospects of a "seller's market"
2024-07-01 05:33:00
Job hunting for high school students graduating next spring will effectively begin on the 1st. Due to a labor shortage at companies and an increasing rate of people going on to higher education, the job vacancy rate is expected to remain high, creating a seller's market in favor of high school students.
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