Economic news(2024/08/01)
Nippon Steel vice chairman says he will "focus on dialogue with local companies" in US Steel acquisition plan
2024-08-01 21:48:00
Regarding the company's plan to acquire U.S. Steel, a major American steel manufacturer, Nippon Steel Corporation Vice Chairman Takahiro Mori explained that the company has invited Mike Pompeo, who served as Secretary of State in the Trump administration, as an advisor to help make the deal a reality. He also indicated his intention to continue to engage in dialogue on the ground and move forward with the effort.
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Norinchukin Bank posts net loss of 412.7 billion yen in April-June financial results, decides to increase capital
2024-08-01 19:40:00
The Norinchukin Bank announced its financial results for the three months ending in June this year, posting a net loss of over 400 billion yen due to a large loss on the management of foreign bonds. In response, the bank decided to increase its capital by over 1.3 trillion yen in order to strengthen its financial base.
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The yen temporarily rose to 148 yen per dollar, the highest level in four and a half months.
2024-08-01 19:23:00
On the 1st, in the Tokyo foreign exchange market, the yen was bought rapidly on the view that the difference in future interest rates had become clear between Japan, which decided to raise interest rates further, and the United States, which hinted at a rate cut, and the yen temporarily rose to the 148 yen range per dollar.
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Honda and Nissan to collaborate on basic software technology to standardize EV parts
2024-08-01 18:44:00
Honda and Nissan Motor, who have been considering a comprehensive collaboration, announced that they will jointly research the basic technology of software that is essential for next-generation cars, and promote the standardization of major EV parts. Furthermore, Mitsubishi Motors Corporation will also join the framework of the two companies, and the movement for collaboration in next-generation technology development where overseas manufacturers are leading the way is spreading.
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The yen temporarily rose to 148 yen per dollar, the highest level in four and a half months.
2024-08-01 18:16:00
On the 1st, the Tokyo foreign exchange market saw the yen strengthen further against the dollar following the results of the Japan-US monetary policy meeting, with the dollar temporarily rising to the 148 yen range.
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Honda and Nissan to collaborate on basic software technology research, with Mitsubishi also joining
2024-08-01 17:47:00
Honda and Nissan Motor Co., Ltd., which have been discussing a comprehensive collaboration, have announced that they will jointly research the basic technologies of software that will be essential for next-generation cars. Mitsubishi Motors Corporation will also join the two companies in this framework.
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Strong yen, weak dollar: Major trading company: "Nothing feels strange" "We hope things will calm down"
2024-08-01 17:46:00
Regarding the strengthening of the yen against the dollar in the foreign exchange market, Takayuki Furuya, CFO of major trading company Marubeni, said, "We had originally assumed the exchange rate for this fiscal year to be 140 yen to the dollar, and we thought that the yen would go from a weaker to a stronger one, so it doesn't feel strange," indicating that he believes there will be no negative impact on the business.
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Honda and Nissan to jointly research basic elemental technologies for SDVs
2024-08-01 16:34:00
Honda and Nissan Motor Co., Ltd., which have been considering a comprehensive collaboration, announced that they will jointly research the basic element technologies of a platform for SDV (Software Defined Vehicle), which can update the software installed in the car and continuously improve the car's functions and performance. In addition, Mitsubishi Motors Corporation, in which Nissan Motor Co., Ltd. holds approximately 34% of the shares, will also newly participate in the framework of the collaboration between the two companies.
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Stock prices fall across the board, dropping by more than 900 yen at closing
2024-08-01 15:52:00
On the 1st, the Tokyo stock market saw an across-the-board decline due to the strengthening of the yen, with the Nikkei average stock price falling by more than 900 yen at closing.
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Toyota Group's April-June financial results: Sales and profits hit record highs
2024-08-01 14:57:00
Toyota Motor Corporation's group-wide financial results for the period from April to June this year showed record highs in both sales and profits for this period. Although sales in Japan fell due to the impact of the government's certification test fraud scandal, profits were boosted by the weak yen, and sales of hybrid vehicles overseas were strong, leading to improved business performance.
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Toyota Group's April-June net profit reaches record high of 1.3333 trillion yen
2024-08-01 14:05:00
Toyota Motor's group-wide financial results for the period from April to June this year showed operating revenue (sales) of 11.8378 trillion yen, operating profit (profit from main business) of 1.3084 trillion yen, and final profit of 1.3333 trillion yen, all of which were the highest ever for this period. Although sales in Japan fell due to the suspension of production of some vehicle models due to a fraudulent issue in national certification testing, performance improved thanks to strong sales of hybrid vehicles overseas and profits boosted by the weak yen.
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The yen temporarily rose to 148 yen per dollar, the highest level in four and a half months.
2024-08-01 13:09:00
On the 1st, the Tokyo foreign exchange market saw the yen strengthen further against the dollar following the results of the Japan-US monetary policy meeting, with the dollar temporarily rising to the 148 yen range.
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Government appoints former Finance Minister Masato Kanda as adviser to the Cabinet Secretariat
2024-08-01 12:51:00
The government appointed Masato Kanda, a former Finance Ministry official who led large-scale market intervention at the Ministry of Finance, as a special adviser to the Cabinet Secretariat in charge of finance and international economics, effective from the 1st.
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"WECARS" begins operations at the nation's first sign replacement store
2024-08-01 12:34:00
WECARS, which took over the business of the former Big Motor, which was hit by a series of fraudulent insurance claims, has been selling used cars under a new store name since May of this year, and began operations on August 1 at the store that was the first in the country to have its sign replaced.
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Stock prices fall across the board, dropping by more than 1,300 yen at one point, the biggest drop this year
2024-08-01 12:32:00
On August 1, the Tokyo Stock Exchange fell across the board due to the strengthening of the yen. The Nikkei Stock Average temporarily fell by more than 1,300 yen, recording the largest intraday drop this year.
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The yen temporarily rose to 148 yen per dollar, the highest level in four and a half months.
2024-08-01 11:50:00
On the 1st, the Tokyo foreign exchange market saw the yen strengthen further against the dollar following the results of the Japan-US monetary policy meeting, with the dollar temporarily rising to the 148 yen range.
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Stock prices fall across the board, dropping by more than 1,300 yen at one point, the biggest drop this year
2024-08-01 11:09:00
On the 1st, the Tokyo stock market fell across the board, with the Nikkei Stock Average dropping by more than 1,300 yen at one point, the largest drop during trading hours this year. Following the results of the Japan-US monetary policy meeting, the yen temporarily strengthened to the 148 yen range against the dollar on the foreign exchange market, leading to a surge in sell orders for export-related stocks, including automobiles.
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The yen temporarily rose to the 148 yen range per dollar, the highest since mid-March this year.
2024-08-01 10:38:00
On the 1st, the Tokyo foreign exchange market saw the yen strengthen further against the dollar following the results of the Japan-U.S. monetary policy meeting, temporarily reaching the 148 yen to the dollar level. This is the first time the exchange rate has reached the 148 yen level since mid-March of this year, about four and a half months ago.
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Meta's financial results for the three months ending June show increased revenue and profits, including growth in online advertising revenue
2024-08-01 10:23:00
Meta, a major American IT company formerly known as Facebook, announced its financial results for the three months ending in June this year, reporting increased revenue and profits due in part to increased sales of online advertising.
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Stock prices temporarily fall by more than 900 yen following the results of the Japan-US monetary policy meeting
2024-08-01 09:23:00
On the 1st, the Nikkei average on the Tokyo Stock Exchange temporarily fell by more than 900 yen. Following the results of the Japan-US monetary policy meeting, the yen strengthened to the mid-149 yen range against the dollar on the foreign exchange market, and sell orders spread immediately after trading began, mainly for export-related stocks such as automobiles.
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Yen exchange rate trades at 149 yen to the dollar following Fed press conference
2024-08-01 09:10:00
On the 1st, the Tokyo foreign exchange market saw the yen strengthen against the dollar, trading in the high 149 yen range against the dollar, due to widespread speculation that the Federal Reserve Board will lower interest rates in September of this year.
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NY crude oil futures prices temporarily rise to the $78 range due to rising tensions in the Middle East
2024-08-01 08:03:00
On the 31st, in the New York crude oil market, the WTI futures price, which is an indicator of international trading, temporarily rose to the 78 dollar range per barrel in response to the worsening situation in the Middle East.
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Can the Bank of Japan raise interest rates to create a virtuous cycle for the economy? A difficult task
2024-08-01 05:58:00
On the 31st, the Bank of Japan decided to further raise the policy interest rate to around 0.25%. Governor Ueda indicated that he intends to continue raising interest rates if the economic and price situation moves in line with his outlook. However, the Bank of Japan will be forced to navigate a difficult situation in Japan, where prolonged deflation has led to a low interest rate environment, as to whether it can achieve a virtuous cycle in the economy while continuing to raise interest rates.
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Yen exchange rate (NY) temporarily rises to the upper 149 yen range following the Fed press conference
2024-08-01 05:45:00
On the 31st in the New York foreign exchange market, following a press conference by Federal Reserve Chairman Powell, speculation spread once again that the Federal Reserve would lower interest rates in September of this year, and the yen temporarily rose to the high 149 yen range against the dollar, its highest level in approximately four and a half months.
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Boeing appoints Kelly Ortberg as new CEO
2024-08-01 04:58:00
Boeing, a major American aircraft manufacturer, announced that Kelly Ortberg, who has a long history in the aerospace industry, will take over as CEO of Boeing on the 8th of this month. In addition, the company's financial results for the three months ending in June this year showed a final deficit of approximately 215 billion yen due to the accident that occurred in January this year and aircraft quality issues.
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Food prices increased in August by more than 40% compared to the same month last year, with a sense of slowing in the momentum of price increases
2024-08-01 04:33:00
The food items that will see price increases in August include over 600 processed foods, which have seen increases in logistics costs and raw material prices, down more than 40% from the same month last year. Companies surveyed said that the momentum for price increases is slowing down due to a growing trend of refraining from purchasing products after price increases due to sluggish growth in real wages.
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IHI subsidiary commits fraudulent snowplow performance testing for years
2024-08-01 04:15:00
IHI, a major machinery manufacturer, has announced that a subsidiary of the company has engaged in fraudulent practices over the years in its snowplow business, with more than 1,200 vehicles delivered to customers with specifications that differed from those shown to them. Another IHI subsidiary has also been found to have falsified fuel efficiency data for marine engines.
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The yen strengthened and temporarily rose to 149 yen to the dollar on the London market.
2024-08-01 00:36:00
On July 31st in the London foreign exchange market, the yen strengthened against the dollar in response to the Bank of Japan's decision to raise interest rates and Governor Ueda's press conference, and the yen temporarily rose to the 149 yen range against the dollar. This was the first time the yen had been at the 149 yen range against the dollar since March of this year, about four and a half months ago.
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