Economic news(2024/07/25)
US April-June GDP growth rate: +2.8% (annualized) - 8th consecutive quarter of positive growth
2024-07-25 22:42:00
The US GDP (gross domestic product) for the period from April to last month was announced on the 25th, and the growth rate compared to the previous three months was 2.8% on an annualized basis. The positive growth exceeded market expectations, which had predicted a growth rate of around 2% for the eighth consecutive quarter. This shows that the US economy continues to be robust even under high interest rates.
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G20 Finance Ministers and Central Bank Governors Meeting Begins in Brazil
2024-07-25 22:29:00
The G20 (Group of 20) Finance Ministers and Central Bank Governors Meeting opened in Brazil on the evening of the 25th, Japan time.
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US April-June GDP growth rate: +2.8% (annualized) - 8th consecutive quarter of positive growth
2024-07-25 21:52:00
The US GDP (gross domestic product) for the period from April to last month was announced on the 25th, and the growth rate compared to the previous three months was 2.8% on an annualized basis. The positive growth exceeded market expectations, which had predicted a growth rate of around 2% for the eighth consecutive quarter. This shows that the US economy continues to be robust even under high interest rates.
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Postal service: Last year's deficit was about 89 billion yen; business efficiency is an issue
2024-07-25 21:02:00
Japan Post has revealed that its postal business, which handles letters and postcards, posted an operating loss of approximately 89 billion yen last year. The loss has grown by more than 60 billion yen from the previous fiscal year, and improving the efficiency of the business has become a major issue.
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TEPCO promotes increased consumption of scallops and other seafood one year before release of treated water
2024-07-25 20:06:00
With next month marking one year since the release of treated water accumulated at the Fukushima Daiichi Nuclear Power Plant began, Tokyo Electric Power Company called in Tokyo on the 25th for increased consumption of Japanese seafood, including scallops, whose imports by China remain suspended.
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"Automated logistics road" demonstration project to start by FY2027 to address transportation capacity shortage
2024-07-25 18:34:00
In order to address the shortage of transportation capacity for logistics, the government has announced its intention to begin a demonstration project within the next three years for "automated logistics roads," which would transport goods by utilizing the central reservation strips of expressways and other areas.
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Yen appreciation accelerates, temporarily rising to 151 yen to the dollar
2024-07-25 18:32:00
On the 25th, in the Tokyo foreign exchange market, the yen strengthened further on speculation that the Bank of Japan might implement an additional interest rate hike at its monetary policy meeting this month, and temporarily rose to the 151 yen to the dollar range for the first time in about two months.
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Stock price temporarily falls by more than 1,300 yen, the largest drop in 8 years and 1 month
2024-07-25 18:23:00
On the Tokyo Stock Exchange on the 25th, the Nikkei Stock Average fell by more than 1,300 yen as sell orders increased due to the fall in US stocks and the rise in the yen, marking the largest drop in the closing price in eight years and one month.
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Department store duty-free sales exceed 330 billion yen in January-June, the highest in six months
2024-07-25 17:51:00
Sales of duty-free goods at department stores nationwide from January to last month totaled more than 330 billion yen, the highest six-month total ever recorded. This was driven by the expansion of inbound demand amid a weak yen.
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Government investigates at least 435 cases of oral abortion drug use six months after approval
2024-07-25 17:43:00
A national research team has found that at least 435 cases of people using the oral abortion drug, which was approved in April 2023 to induce abortion, have been reported in the six months since its approval. There have been no reports of major complications, and the research team says it has been found to be safe.
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Nissan's operating profit for the three months ending in June fell 99% year-on-year
2024-07-25 16:37:00
Nissan Motor's operating profit for the three months from April to last month fell 99% from the same period last year to 900 million yen. The main reason was a drop in sales in the United States, and the company also revised down its profit forecast for the full fiscal year.
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Major department store steps up efforts to provide information to foreigners at Yokohama stores as demand rises
2024-07-25 16:27:00
As inbound demand from foreign tourists continues to grow, sales of duty-free goods at department stores are hitting record highs. A major department store in Yokohama is stepping up efforts to promote its stores overseas, as there is a growing need for its stores in Yokohama, which are less crowded than those in Tokyo.
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Stock price temporarily falls by more than 1,300 yen, the largest drop this year
2024-07-25 15:29:00
On the Tokyo Stock Exchange on the 25th, the Nikkei Stock Average fell by more than 1,300 yen at one point as sell orders increased due to the fall in US stocks and the rise in the yen, marking the largest drop in the closing price this year.
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"Power generation by attaching solar cells to windows" demonstration experiment begins in Tokyo
2024-07-25 15:01:00
A demonstration experiment has begun in Tokyo's Chiyoda Ward to verify the power generation efficiency of thin, foldable solar cells attached to windows.
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Monthly economic report for July: "Still stagnant but gradually recovering" - basic assessment maintained
2024-07-25 14:34:00
In its July monthly economic report, the government maintained its basic assessment of the current state of the economy, saying, "Although there have been signs of stagnation recently, the economy is gradually recovering." While wage increases have improved the income environment, some consumer sentiment has also been weakened by rising prices.
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Stock prices fall by more than 1,200 yen as sell orders for semiconductors and automobiles surge
2024-07-25 13:29:00
On the 25th, the Nikkei Stock Average on the Tokyo Stock Exchange fell further in the afternoon, dropping by more than 1,200 yen at one point. In addition to the large drop in stock prices on the New York market on the 24th, with the Nasdaq stock index dropping by the largest percentage point this year, the yen has risen to its highest level in about two months on the foreign exchange market. As a result, sell orders are swelling in the Tokyo market, particularly for export-related stocks such as semiconductors and automobiles.
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Honda China factory to close or suspend production as gasoline vehicle production review
2024-07-25 12:46:00
Honda has announced its intention to review its gasoline vehicle production system at its factories in China and to close or suspend production. In the future, it plans to expand production of EVs (electric vehicles), forcing Japanese manufacturers to reconsider their strategies.
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The yen temporarily rose to the 152 yen range per dollar.
2024-07-25 11:47:00
On the 25th, the Tokyo foreign exchange market saw a strong trend of buying yen and selling dollars due to the expectation that the Bank of Japan will speed up the normalization of monetary policy, and the exchange rate rose to the 152 yen range for the first time in about two months. Ahead of the Bank of Japan's monetary policy meeting next week, the market is seeing the expectation that the Bank of Japan will speed up the normalization of monetary policy. In the United States, the view that the Federal Reserve Board is close to lowering interest rates is also spreading. As a result, the trend of buying yen and selling dollars intensified, with the awareness of the narrowing interest rate gap between Japan and the United States, and the yen rose to the high 152 yen range in the morning. This is the first time in about two months since early May that the yen has hit the 152 yen range. A market insider said, "There have been a series of comments from government and ruling party officials recently about the Bank of Japan's interest rate hike, and there have also been reports that the Bank of Japan is considering raising interest rates, so there is a movement to unwind among investors who have been selling yen so far."
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G7 finance ministers confirm plan to speed up discussions on measures to utilize frozen Russian assets
2024-07-25 10:35:00
Finance ministers and central bank governors of the Group of Seven (G7) countries met in Brazil and confirmed their intention to accelerate discussions in order to draw up a concrete framework by the end of the year for the assistance measures for Ukraine using frozen Russian assets, which were agreed upon at last month's G7 summit.
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Stock prices fall by more than 1,100 yen as sell orders for semiconductors and automobiles surge
2024-07-25 09:55:00
On the 25th, the Nikkei average temporarily fell by more than 1,100 yen on the Tokyo Stock Exchange. In addition to the large drop in stock prices on the 24th in New York, with the Nasdaq stock index dropping by the largest percentage point this year, the yen rose to its highest level in about two months on the foreign exchange market. As a result, sell orders have been swelling on the Tokyo market since trading began, mainly for export-related stocks such as semiconductors and automobiles.
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The yen temporarily rose to the 152 yen range per dollar.
2024-07-25 09:52:00
On the 25th, the Tokyo foreign exchange market saw a widespread trend of selling dollars and buying yen, with the yen temporarily rising to the 152 yen range per dollar for the first time in about two months. The market is aware of the narrowing interest rate gap between Japan and the United States due to the view that the Bank of Japan may speed up the normalization of monetary policy, and this has led to a stronger trend toward buying yen.
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G20 Finance Ministers and Central Bank Governors Meeting to Begin tonight
2024-07-25 07:36:00
The G20 Finance Ministers and Central Bank Governors Meeting will begin in Brazil on the evening of the 25th, Japan time. In addition to exchanging opinions on the impact of monetary policy and political situations in Europe and the United States on the global economy, discussions are also expected to take place on new tax rules for large global corporations.
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NY Stocks Nasdaq sees biggest drop this year Concerns over corporate performance grow
2024-07-25 07:02:00
On the 24th, the New York stock market saw growing concerns about the future of corporate performance following the financial results of electric vehicle manufacturers and major IT companies, causing the Nasdaq stock index, which is dominated by technology-related stocks, to fall sharply by more than 3%, the largest drop this year. The Dow Jones Industrial Average also fell sharply by more than $500.
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Bank of Canada cuts interest rates for second consecutive meeting following last month's cut in inflation
2024-07-25 06:42:00
The Bank of Canada decided to cut interest rates for the second consecutive meeting following last month's cut as inflation continues to ease.
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Industry-specific collaboration to resolve logistics issues in the "2024 Problem"
2024-07-25 06:29:00
In response to the "2024 problem," which raises concerns about a worsening labor shortage in the logistics industry, companies in each industry, such as daily necessities and frozen foods, are coming together to improve delivery efficiency.
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G20 Finance Ministers and Central Bank Governors Meeting to Begin tonight
2024-07-25 05:08:00
The G20 Finance Ministers and Central Bank Governors Meeting will begin in Brazil on the evening of the 25th, Japan time. In addition to exchanging opinions on the impact of monetary policy and political situations in Europe and the United States on the global economy, discussions are also expected to take place on new tax rules for large global corporations.
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The yen temporarily rose to the low 153 yen range against the dollar.
2024-07-25 00:34:00
In the foreign exchange market on the 24th, the yen strengthened due to growing expectations that the Bank of Japan may speed up the normalization of monetary policy, and at one point the yen rose to the low 153 yen range against the dollar.
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National average hourly minimum wage to rise by 50 yen to 1,054 yen
2024-07-25 00:00:00
The Ministry of Health, Labor and Welfare's council, which is discussing the minimum wage, has taken into account the continuing rise in prices and set a target of raising the hourly wage by 50 yen this fiscal year, the largest increase ever, setting the national average at 1,054 yen per hour.
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