Economic news(2024/08/08)
Major non-life insurance companies set up earthquake response headquarters to collect damage information
2024-08-08 21:32:00
In response to this earthquake, major non-life insurance companies Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance Inc., and Mitsui Sumitomo Insurance Co., Ltd. have set up task forces and begun collecting information on damage in the area. Aioi Nissay Dowa Insurance Co., Ltd. is also considering setting up a task force. Each company has also posted information on its website on how people who have suffered damage to their homes or cars can contact them.
TOP
Mizuho Bank to operate as usual on the 9th
2024-08-08 21:20:00
The major financial institution Mizuho Financial Group, after checking with its affiliated Mizuho Bank and other branches nationwide, has found that there has been no damage from the recent earthquake, and as of now, they will be open as usual on the 9th. However, they will consider their response after checking information from each local government.
TOP
[Details] Kobayashi Pharmaceutical to withdraw from red yeast rice business; new president apologizes at press conference
2024-08-08 19:17:00
Kobayashi Pharmaceutical announced that it has decided to withdraw from the red yeast rice business in response to a series of problems surrounding supplements containing red yeast rice ingredients. The company's new president, Satoshi Yamane, apologized, saying, "We have caused something that should never have happened, and it is with deep regret."
TOP
Honda to supply electric scooters equivalent to mopeds to Yamaha Motor
2024-08-08 19:15:00
Honda will supply electric motorcycles equivalent to mopeds to Yamaha Motor Co., Ltd. Due to the strengthening of exhaust gas regulations, Honda is considering ending production of mopeds, and aims to increase production of electric motorcycles in the future.
TOP
Toyota revises annual global production volume from approximately 10.3 million to approximately 9.8 million
2024-08-08 19:15:00
It has been revealed that Toyota Motor Corporation has revised its global production plan for this year from the initial 10.3 million units to 9.8 million units, taking into account the issue of certification fraud and the suspension of production of some models due to recalls.
TOP
Customs to introduce "banknote detection dogs" to prevent money laundering of illicitly obtained cash
2024-08-08 19:13:00
In order to prevent money laundering of illegally obtained cash, customs began using "banknote detection dogs" on the 8th, which can sniff out banknotes and other items hidden in luggage.
TOP
Foreign investors sell off Japanese stocks for three consecutive weeks. Is this one of the reasons for the decline in stock prices?
2024-08-08 19:10:00
Last week, overseas investors sold more than 550 billion yen worth of Japanese stocks compared to the amount they bought, marking the third consecutive week of net selling. The Nikkei average has been on a downward trend since the middle of last month, and it has been pointed out that one of the reasons for this is the accelerating selling by overseas investors.
TOP
Yen exchange rate rises
2024-08-08 18:54:00
The yen rose in value on the Tokyo foreign exchange market on the 8th.
TOP
Nisshin Seifun Welna announces voluntary recall of over 220,000 frozen pasta
2024-08-08 18:43:00
Nisshin Seifun Welna, a major flour manufacturer, announced that it would voluntarily recall over 220,000 units of frozen pasta it sold after some of the products thawed during delivery and emitted an unpleasant odor. So far, there have been no reports of illness or other symptoms.
TOP
German power semiconductor manufacturer opens new factory in Malaysia
2024-08-08 18:25:00
A German manufacturer of power semiconductors used in electric vehicles (EVs) and other products has completed construction of a new factory in Malaysia and held a ceremony to commemorate the opening. As the conflict between the United States and China over cutting-edge technology continues, the move to diversify the supply chain is underway.
TOP
[Updated] Kobayashi Pharmaceutical press conference: New president apologizes, to withdraw from red yeast rice-related business
2024-08-08 17:48:00
Kobayashi Pharmaceutical announced at a board meeting on the 8th that it had decided to withdraw from the business of manufacturing and selling red koji-related products. At a press conference, President Satoshi Yamane offered an apology, saying, "We have caused something that should never have happened, and it is with deep regret."
TOP
[Live] Kobayashi Pharmaceutical press conference: New president apologizes, to withdraw from red yeast rice-related business
2024-08-08 16:37:00
Kobayashi Pharmaceutical announced at a board meeting on the 8th that it had decided to withdraw from the business of manufacturing and selling red koji-related products. At a press conference, President Satoshi Yamane offered an apology, saying, "We have caused something that should never have happened, and it is with deep regret."
TOP
July Economic Watchers Survey: Current Situation Index Exceeds Previous Month for Second Consecutive Month
2024-08-08 16:35:00
Last month's Economic Watchers Survey, which asks working people about their economic perceptions, showed that the index showing the current state of the economy exceeded the previous month's for the second consecutive month, due to strong inbound demand and sales of summer products.
TOP
[Live] Kobayashi Pharmaceutical press conference: New president apologizes, withdraws from red yeast rice-related business
2024-08-08 16:14:00
Kobayashi Pharmaceutical announced at a board meeting on the 8th that it had decided to withdraw from the business of manufacturing and selling red koji-related products. At a press conference, President Satoshi Yamane offered an apology, saying, "We have caused something that should never have happened, and it is with deep regret."
TOP
Stock price closed at a drop of over 200 yen, dropping to over 800 yen at one point
2024-08-08 15:53:00
The Tokyo Stock Exchange continues to experience volatile price movements, with the stock dropping by more than 800 yen on the 8th due to concerns about the future of the US economy, but after that, there was a buying back movement and the stock ended trading down by just over 200 yen.
TOP
[Press conference coming up] Kobayashi Pharmaceutical's new and old presidents to attend to explain management responsibilities, etc.
2024-08-08 15:02:00
Kobayashi Pharmaceutical will soon be holding a press conference to discuss the company's financial results for the six months ending in June of this year, with Yamane Satoshi, who was appointed president on the 8th, and Kobayashi Akihiro, a director who has retired from his position and is now in charge of health damage compensation, among others scheduled to attend. Attention is focused on how the company will explain the management's responsibility and the new management structure regarding the series of issues surrounding supplements containing red koji ingredients. *The press conference will be streamed live from 3:30 p.m.
TOP
Food self-sufficiency rate remains at 38% for third consecutive year, government target not in sight
2024-08-08 13:00:00
The food self-sufficiency rate, which indicates how much of the food consumed in Japan is domestically produced, was 38% on a calorie basis last year, remaining the same figure for the third consecutive year. The government has set a goal of raising it to 45% by fiscal 2030, but there remains little prospect of achieving this goal.
TOP
Stock price rises slightly, temporarily dropping by more than 800 yen but buying back
2024-08-08 12:35:00
The Tokyo stock market continues to be unstable, and on the 8th, following the decline in stock prices in the New York market on the 7th, the Nikkei average at one point fell by more than 800 yen, but then there was a buying back movement and it ended the morning trading session with a slight rise.
TOP
Stock price rises slightly, temporarily dropping by more than 800 yen but buying back
2024-08-08 12:05:00
The Tokyo stock market continues to be unstable, and on the 8th, following the decline in stock prices in the New York market on the 7th, the Nikkei average at one point fell by more than 800 yen, but then there was a buying back movement and it ended the morning trading session with a slight rise.
TOP
Nissin Foods demands price hike from retailers, risk of violating antitrust law
2024-08-08 12:02:00
Amid a series of price hikes for food products and other items, the Japan Fair Trade Commission has decided to issue a written warning to major food manufacturer Nissin Food Products for its request that retailers raise the prices of five products, including Cup Noodles, in line with the increase in the suggested retail price of the product, which may be in violation of the Antimonopoly Act, according to interviews with people involved.
TOP
Bank of Japan July meeting Governor Ueda mentions possibility of interest rate hike
2024-08-08 11:55:00
The Bank of Japan has released the main opinions expressed at last month's Monetary Policy Meeting, where it decided to raise interest rates further. Governor Ueda mentioned the possibility of further interest rate hikes in a press conference after the meeting, but it was revealed that some members of the committee expressed the opinion that interest rates should be raised gradually while monitoring the economic situation.
TOP
Bank of Japan Governor Ueda mentions possibility of interest rate hike, some committee members say "gradual"
2024-08-08 11:11:00
The Bank of Japan has released the main opinions expressed at its July Monetary Policy Meeting, where it decided to raise interest rates further. Governor Ueda mentioned the possibility of further interest rate hikes in a press conference after the meeting, but it was also revealed that some members of the committee expressed the opinion that interest rates should be raised gradually while monitoring the economic situation.
TOP
Current account surplus for the first half of the year increased by 4.7 trillion yen compared to the same period last year
2024-08-08 10:53:00
Japan's current account surplus for the first half of this year ending in June, which shows how much it earned through trade and investment with other countries, increased by 4.7 trillion yen compared to the same period last year. This was mainly due to an increase in dividends and interest received by companies on overseas investments, while the trade deficit shrank.
TOP
Stock prices fall by more than 800 yen as sell orders grow following the fall of the New York Dow
2024-08-08 10:27:00
The Tokyo stock market continued to experience volatile price movements on the 8th, with sell orders spreading following the decline in stock prices in the New York market on the 7th, and the Nikkei average temporarily falling by more than 800 yen.
TOP
Stock prices fall by more than 800 yen as sell orders grow following the fall of the New York Dow
2024-08-08 10:02:00
The Tokyo Stock Exchange continues to experience volatile price movements, with sell orders spreading immediately after trading began on the 8th, causing the Nikkei average to fall by more than 800 yen.
TOP
Stock price falls by more than 700 yen as sell orders spread following the fall of the NY Dow
2024-08-08 09:16:00
The Tokyo Stock Exchange continues to experience volatile price movements, with sell orders spreading immediately after trading began on the 8th, causing the Nikkei average to fall by more than 700 yen.
TOP
Kobayashi Pharmaceutical to hold half-yearly financial results conference today; new president to explain in response to red yeast rice issue
2024-08-08 07:53:00
On the 8th, Kobayashi Pharmaceutical will hold a financial results conference for the six months ending in June of this year. In response to a series of problems surrounding supplements containing red yeast rice ingredients, the new president who took office on the 8th and the previous president, who is from the founding family, will attend the conference, and the focus will be on what explanations they will give regarding the new structure and the responsibilities of the management team.
TOP
Financial Services Agency Commissioner: "Rising interest rates will lead to increased vigilance in financial soundness and other areas"
2024-08-08 06:53:00
In an interview with NHK, Financial Services Agency Commissioner Hideki Ito said he plans to step up vigilance in checking the financial soundness of financial institutions, as rising interest rates could lead to a fall in the value of bonds held by financial institutions, including government bonds.
TOP
"Power supply and demand are tight due to extreme heat" Power companies offer services to encourage households to save energy
2024-08-08 06:40:00
In response to the tight electricity supply and demand during the summer due to the use of air conditioners in response to the extreme heat, power companies are increasingly offering services to encourage households to conserve energy, such as giving points to households that save energy.
TOP
New York Stock Market: Dow Jones Industrial Average Falls, Unstable Price Movements Continue
2024-08-08 06:31:00
On the 7th, the New York stock market saw an increase in sell orders due to concerns about the future of the economy triggered by the rise in long-term interest rates in the United States, causing the Dow Jones Industrial Average to fall and continuing to experience volatile price movements.
TOP
Financial markets: Will the Bank of Japan's Deputy Governor's remarks halt market volatility and calm the market?
2024-08-08 05:43:00
In the financial markets, where price movements have continued to be unstable, on the 7th, Deputy Governor Uchida of the Bank of Japan indicated in a speech that he would not rush to raise interest rates, temporarily putting a stop to the continued volatility of stock prices and the yen. The focus will be on whether the turbulent markets can regain their composure from the 8th onwards.
TOP
Hokuriku Shinkansen extension "Obama-Kyoto route" project costs estimated to rise significantly
2024-08-08 05:17:00
Regarding the extension of the Hokuriku Shinkansen to Shin-Osaka, the Ministry of Land, Infrastructure, Transport and Tourism announced on the 7th that the cost of the planned "Obama-Kyoto Route" will be significantly higher than previously estimated. In the future, the focus of discussion will likely be on financial resources and cost-effectiveness.
TOP
Nissin Foods demands price hike from retailers, risk of violating antitrust law
2024-08-08 05:02:00
Amid a series of price hikes for food products and other items, the Japan Fair Trade Commission has decided to issue a written warning to major food manufacturer Nissin Food Products for its request that retailers raise the prices of five products, including Cup Noodles, in line with the increase in the suggested retail price of the product, which may be in violation of the Antimonopoly Act, according to interviews with people involved.
TOP
Amazon Japan to "invest additional 25 billion yen" to reduce redelivery
2024-08-08 04:04:00
In order to reduce the number of redeliveries, which is a burden on delivery drivers, online retailer Amazon Japan has announced that it will invest an additional 25 billion yen over usual in expanding the installation of parcel lockers and other measures.
TOP
