Economic news(2024/07/22)
Former Big Motor fraud scandal: Proposal for mediation to non-life insurance companies due to difficulty in full investigation
2024-07-22 21:58:00
In the case of fraudulent insurance claims by the former Big Motor, the surviving company handling compensation for damages has announced that it will cease investigations into all cases suspected of fraud. As it is expected that it will be difficult to fully clarify the series of fraudulent issues, the company has proposed to non-life insurance companies that they settle the matter through arbitration in court.
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Subcontractor Law Revision Bill to be Submitted to Next Year's Ordinary Diet Session - First Meeting of Expert Panel
2024-07-22 20:08:00
The first meeting of the government's expert panel was held to discuss the legal system necessary to allow small and medium-sized enterprises to appropriately pass on price increases to companies in order to achieve wage increases that exceed inflation. Based on the results of the discussion, including restrictions on so-called "low-cost purchases," the panel hopes to submit a bill to amend the Subcontract Act as early as next year's ordinary Diet session.
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Yen exchange rate rises
2024-07-22 18:33:00
The yen rose in value on the Tokyo foreign exchange market on the 22nd, the start of the week.
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Number of new condominiums sold in the Tokyo metropolitan area in the first half of the year falls below 10,000 for the first time in four years
2024-07-22 17:49:00
The number of new condominiums released in the first half of this year from January to June in the Tokyo metropolitan area was 9,066, falling below 10,000 for the first time in four years. Due to rising construction costs and labor shortages, there is a trend to suspend development, especially in Tokyo's 23 wards.
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Private group survey finds 65% of people prioritize leisure over work, highest ever
2024-07-22 17:35:00
A survey conducted by a private organization found that 65% of people prioritize leisure over work, the highest figure since the current survey method was introduced.
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Stock price temporarily falls by more than 500 yen, closing below 40,000 yen for the first time in three weeks
2024-07-22 15:51:00
On the Tokyo Stock Exchange on the 22nd, the start of the week, the Nikkei average fell by more than 500 yen at one point, closing below 40,000 yen for the first time in three weeks.
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People's Bank of China announces interest rate cut, aiming to support economy
2024-07-22 12:19:00
The People's Bank of China, China's central bank, has announced that it will lower its de facto policy interest rate. This is likely intended to boost corporate lending and other areas to support the economy amid growing uncertainty about the future of the economy due to the prolonged real estate slump.
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Stock prices temporarily fall by more than 500 yen. Sell orders mainly for semiconductor-related stocks.
2024-07-22 12:12:00
On the Tokyo stock market on the 22nd, the start of the week, the Nikkei average temporarily fell by more than 500 yen.
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The People's Bank of China announces a 0.1% cut in the one-year LPR interest rate
2024-07-22 11:11:00
On the 22nd, the People's Bank of China, China's central bank, announced that it would lower the one-year LPR interest rate, which is the de facto policy interest rate and serves as a guideline for financial institutions to lend to companies and other entities, by 0.1% to 3.35%.
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Stock prices temporarily fall by more than 500 yen. Sell orders mainly for semiconductor-related stocks.
2024-07-22 10:44:00
The Nikkei average fell by more than 500 yen at one point on the Tokyo Stock Exchange on the 22nd, the start of the week. In the New York market on the 19th of last week, major stock indexes, including the Nasdaq index, which has many tech-related stocks, all fell due to concerns that the impact of the system failure had spread around the world. In response to this, sell orders spread in the Tokyo market on the 22nd, mainly for semiconductor-related stocks.
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Experts meet to standardize logistics pallets to reduce transfer work
2024-07-22 04:19:00
A unified standard has been established for the standard sizes of pallets, which are used in the logistics industry to carry cargo. With labor shortages becoming an issue, the aim is to reduce the hassle of transferring cargo due to differences in size.
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The 24th is Doyo no Ushi Day, and eel prices remain high due to poor catches of young fish
2024-07-22 04:13:00
The 24th of this month is Doyo no Ushi Day. Due to a lack of young eels, rising fuel costs, and the weak yen, the price of eels is likely to rise, both domestic and imported.
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