Economic news(2024/09/13)
Hino Motors to end engine production in China in September as EV adoption progresses
2024-09-13 21:26:00
Hino Motors announced that it will end engine production in China at the end of September and withdraw from the engine business, citing the company's decision that it cannot expect business growth in China as the truck market is also shifting to EVs.
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Nippon Steel sends letter to President Biden regarding US Steel acquisition plan
2024-09-13 20:56:00
Amid speculation that President Biden will block Nippon Steel's plan to acquire U.S. Steel, a major American steel manufacturer, Nippon Steel revealed that it has sent a letter to President Biden, apparently asking for understanding of the acquisition plan.
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Seven & i Holdings designated as "core industry" subject to restrictions on foreign investment
2024-09-13 19:44:00
Seven & i Holdings, which is receiving a takeover bid from a Canadian company, has been newly designated as a "core industry" that is subject to restrictions on foreign investment under the Foreign Exchange and Foreign Trade Act and is at high risk of harming national security, etc. The designation was made at the company's request, but the company has commented that it has nothing to do with the takeover bid.
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The yen strengthens against the dollar, reaching the upper 140 yen range per dollar.
2024-09-13 18:27:00
On the Tokyo foreign exchange market on the 13th, the dollar was sold on the view that the US Federal Reserve Board may make a significant interest rate cut, and the yen strengthened against the dollar, reaching the high 140 yen range.
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Are investors frustrated by "uncertainty" about the U.S. economy? [Economic column from New York]
2024-09-13 18:11:00
Stock prices on the New York Stock Exchange have been unstable recently. As a result, the Nikkei Stock Average has also fluctuated wildly. Wall Street sources explain that the root cause is investors' lack of confidence about the future of the US economy and the path of interest rate cuts. Investors are sometimes optimistic and other times irritated by statistics and statements from senior officials, and each time this happens, the fluctuations in stock prices become larger. (Arai Toshiki, US Bureau Reporter)
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North Korea suspected to be involved in cyber attack that has stolen around $1 billion in crypto assets
2024-09-13 18:09:00
A US cryptocurrency analysis company has compiled an analysis result stating that the amount of cryptocurrency stolen in cyber attacks suspected to be the work of North Korea last year was approximately $1 billion (140 billion yen). Similar cyber attacks have continued this year, and the company has pointed out that the international community should work together to strengthen its response.
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Stock prices fall. Sell orders for many stocks, including export-related stocks, due to the strong yen.
2024-09-13 17:43:00
On the 13th, the Tokyo Stock Exchange saw a drop in stock prices as sell orders were placed on many stocks, including export-related stocks, in response to the strengthening of the yen in the foreign exchange market.
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Niigata starts full-scale shipment of Koshihikari rice. Will there be a rice shortage? What will happen to the price?
2024-09-13 17:42:00
In Niigata Prefecture, shipments of the main rice variety, Koshihikari, to outside the prefecture have begun in earnest. As rice shortages continue, we interviewed the producers about the future situation and price outlook.
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US aircraft manufacturer Boeing to go on strike for first time in 16 years
2024-09-13 17:37:00
The labor union of American aircraft manufacturer Boeing has decided to go on strike from the 13th after a proposed agreement on wage increases was rejected by union members. This is the first strike in 16 years since 2008, and if it continues for a long time, it is expected to affect aircraft production.
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Toyota Union Chairman Nishino to reform workplace culture following fraud scandal
2024-09-13 16:51:00
Katsuyoshi Nishino, chairman of the All Toyota Labor Union, which is made up of labor unions of Toyota Motor Corporation and its group companies, held a press conference in Kumamoto City and commented on the discovery of fraud in national certification tests at Toyota, saying, "It is important that employees are able to speak out before fraud occurs," and expressed his intention to work on reforming the workplace culture.
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Shipment of Niigata Koshihikari rice begins in earnest
2024-09-13 15:02:00
As rice becomes scarce nationwide, Niigata Prefecture has begun full-scale shipments of its flagship Koshihikari rice variety outside the prefecture.
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Minister of Land, Infrastructure, Transport and Tourism Saito orders railway operators to conduct emergency inspections due to data tampering with JR Freight
2024-09-13 13:17:00
Minister of Land, Infrastructure, Transport and Tourism Saito said he "deeply regrets" the fact that JR Freight engaged in fraudulent acts, such as falsifying data during vehicle maintenance work, and revealed that he had ordered all railway operators across the country to urgently check whether data was being properly recorded.
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Stock prices fall due to strong yen Sell orders for export-related stocks
2024-09-13 12:49:00
On the Tokyo Stock Exchange on the 13th, stock prices fell as sell orders were placed on export-related stocks in response to the strengthening of the yen in the foreign exchange market.
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Non-life insurance industry to develop guidelines to restrict sales transfers amid a series of problems
2024-09-13 07:30:00
Following a series of problems in the non-life insurance industry involving employees seconded to insurance agencies, industry groups are planning to draw up guidelines calling for an end to secondments for sales purposes.
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European Central Bank further cuts interest rates by 0.25%, first cut in two meetings
2024-09-13 00:45:00
The European Central Bank, which governs the monetary policy of the 20 eurozone countries including Germany and France, held a board meeting to decide on monetary policy and decided to further cut interest rates. This is the first interest rate cut in two meetings, taking into account the declining inflation rate and the impact that high interest rates have on the economy.
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