Economic news(2024/10/01)
What are the expectations for the new Ishiba Cabinet? What are the challenges? Reactions from the business community and other sectors both at home and abroad
2024-10-01 21:33:00
LDP President Shigeru Ishiba was elected as the 102nd Prime Minister as a result of the Prime Ministerial nomination election held in the plenary session of both the House of Representatives and the House of Councillors. Cabinet appointments were also made, and Chief Cabinet Secretary Hayashi announced the list of ministers. Various reactions have been heard in various circles following the formation of the new Cabinet.
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What are the expectations for the new Ishiba Cabinet? What are the challenges? Reactions from the business community and other sectors both at home and abroad
2024-10-01 21:13:00
LDP President Shigeru Ishiba was elected as the 102nd Prime Minister as a result of the Prime Ministerial nomination election held in the plenary session of both the House of Representatives and the House of Councillors. Cabinet appointments were also made, and Chief Cabinet Secretary Hayashi announced the list of ministers. Various reactions have been heard in various circles following the formation of the new Cabinet.
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Bank of Japan Tankan: Business outlook for recovery stagnates - what's behind it?
2024-10-01 21:02:00
On the 1st, the Bank of Japan announced the results of its Tankan (Short-term Economic Survey of Enterprises). The Japanese economy is showing signs of recovery, but this Tankan also suggests a sense of stagnation. With "high prices" as a backdrop, some companies have decided to raise prices, while others have remained hesitant. We interviewed the sites of both. The second half of this article provides more details on the results of the Tankan.
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What are the expectations for the new Ishiba Cabinet? What are the challenges? Reactions from the business community and other sectors both at home and abroad
2024-10-01 20:18:00
LDP President Shigeru Ishiba was elected as the 102nd Prime Minister as a result of the Prime Ministerial nomination election held in the plenary session of both the House of Representatives and the House of Councillors. Cabinet appointments were also made, and Chief Cabinet Secretary Hayashi announced the list of ministers. Various reactions have been heard in various circles following the formation of the new Cabinet.
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Major insurance company hit by a series of problems explains to students at job offer ceremony that it aims to "change its corporate culture"
2024-10-01 19:33:00
Many companies held job offer ceremonies for university students graduating next spring, and one major non-life insurance company that has been hit with a series of problems including fraudulent insurance claims and leaks of customer information explained to students that the company is aiming to reform its corporate culture.
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Tokyo Stock Exchange disciplines two Mitsubishi UFJFG affiliates for sharing private customer information without permission
2024-10-01 19:20:00
In connection with the issue of three banks and securities firms under the Mitsubishi UFJ Financial Group sharing nonpublic information about client companies without permission, the Tokyo Stock Exchange has ordered two of the three firms, the securities firms, to pay a combined fine of 50 million yen.
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The yen temporarily fell to the mid-144 yen range against the dollar as expectations of a narrowing interest rate gap between Japan and the US faded.
2024-10-01 18:55:00
On the 1st, the Tokyo foreign exchange market saw a decline in expectations that the interest rate gap between Japan and the United States would narrow, and the yen's exchange rate, in a complete reversal from September 30th, temporarily weakened to the mid-144 yen to the dollar.
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Bank of Japan Tankan: Business outlook for recovery stagnates - what's behind it?
2024-10-01 18:51:00
On the 1st, the Bank of Japan announced the results of its Tankan (Short-term Economic Survey of Enterprises). The Japanese economy is showing signs of recovery, but this Tankan also suggests a sense of stagnation. With "high prices" as a backdrop, some companies have decided to raise prices, while others have remained hesitant. We interviewed the sites of both. The second half of this article provides more details on the results of the Tankan.
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Resona Group raises starting salaries for some employees; job offer ceremony for over 900 employees
2024-10-01 18:21:00
Many companies held job offer ceremonies for university students graduating next spring, and more than 900 people attended one ceremony at a major financial institution that raised starting salaries at some of its subsidiaries' banks amid a competition to attract talent.
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Seven-Eleven strengthens points strategy amid rising prices
2024-10-01 18:11:00
The retail industry is making a series of moves to attract consumers even as prices continue to rise, and convenience store giant Seven-Eleven Japan announced on the 1st that it will work with Sumitomo Mitsui Card to strengthen its points strategy.
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Panasonic announces it will end production of fluorescent lamps by the end of September 2027
2024-10-01 17:40:00
Panasonic has officially announced that it will end all production of fluorescent lamps by the end of September 2027, in response to an international ban on the manufacture, import and export of fluorescent lamps, which it has been producing for over 70 years.
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Seven-Eleven to increase point return rate for credit card payments
2024-10-01 16:39:00
Seven-Eleven Japan, a major convenience store chain, has announced that it will work with Sumitomo Mitsui Card to raise the reward point rate for credit card payments to up to 10%. The aim is to boost sales at stores, which have been sluggish due to rising prices.
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Major insurance company hit by a series of problems explains to students at job offer ceremony that it aims to "change its corporate culture"
2024-10-01 16:19:00
Many companies held job offer ceremonies for university students graduating next spring, and one major non-life insurance company that has been hit with a series of problems including fraudulent insurance claims and leaks of customer information explained to students that the company is aiming to reform its corporate culture.
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Stock price rises by over 700 yen, a sharp reversal from the previous day, with buy orders placed on a wide range of stocks
2024-10-01 15:52:00
On September 30th, the Tokyo stock market saw a sharp drop in prices, and the yen continued to weaken in the foreign exchange market, so on October 1st, buy orders were placed for a wide range of stocks, and the Nikkei average stock price rose by more than 700 yen.
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Resona Group raises starting salaries for some employees; job offer ceremony for over 900 employees
2024-10-01 15:18:00
Many companies held job offer ceremonies for university students graduating next spring, and more than 900 people attended one ceremony at a major financial institution that raised starting salaries at some of its subsidiaries' banks amid a competition to attract talent.
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Main opinion of the Bank of Japan at its September meeting: "Interest rate hikes should be carefully considered"
2024-10-01 14:57:00
The Bank of Japan has released the main opinions of its September Monetary Policy Meeting, where it decided to keep the policy interest rate unchanged. Committee members repeatedly pointed out risks to overseas economies and financial markets, and expressed the view that future interest rate hikes should be carefully considered.
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"SoftBank Group's fund to invest in open AI" - Western media
2024-10-01 12:03:00
Multiple European and American media outlets have reported that an investment fund under the SoftBank Group plans to invest more than 70 billion yen in OpenAI, a US company developing generative AI.
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Bank of Japan Tankan: Economic outlook for large manufacturing companies remains unchanged at +13 points
2024-10-01 11:31:00
In the Tankan (Short-term Economic Survey of Enterprises) released by the Bank of Japan on the 1st, the index showing the economic outlook of large manufacturing companies was up 13 points, remaining stable from the previous survey. In addition, the index of large non-manufacturing companies was up 34 points, improving for the first time in two quarters.
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Stock prices temporarily rise by more than 700 yen. Stocks that fell on the 30th are being bought back.
2024-10-01 10:57:00
The Tokyo Stock Exchange, which fell sharply on September 30th, saw a rise in buy orders on October 1st, with the Nikkei Stock Average rising by more than 700 yen at one point. In addition to a move to buy back stocks that fell sharply on the 30th, there have been active buy orders for export and semiconductor-related stocks in light of the weakening of the yen in the foreign exchange market.
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Bank of Japan Tankan: Economic outlook for large manufacturing companies remains unchanged at +13 points
2024-10-01 10:09:00
In the Tankan (Short-term Economic Survey of Enterprises) released by the Bank of Japan on the 1st, the index showing the economic outlook of large manufacturing companies was up 13 points, remaining stable from the previous survey. In addition, the index of large non-manufacturing companies was up 34 points, improving for the first time in two quarters.
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Stock prices temporarily rise by more than 600 yen. Stocks that fell on the 30th are being bought back.
2024-10-01 10:05:00
On October 1, the Tokyo Stock Exchange saw a rise in buy orders after a large drop in prices on September 30, and the Nikkei average temporarily rose by more than 600 yen. In addition to a move to buy back stocks that had fallen sharply on the 30th, there were active buy orders for export and semiconductor-related stocks in response to the weakening of the yen in the foreign exchange market.
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Bank of Japan Tankan: Economic outlook for large manufacturing companies remains stable at +13 points
2024-10-01 08:59:00
In the Tankan (Short-term Economic Outlook Survey) released by the Bank of Japan on the 1st, the index showing the economic outlook of large manufacturing companies was up 13 points. The index remained unchanged from the previous survey three months ago, remaining flat.
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The NY Dow hits a new record high for the second consecutive trading day, while the S&P 500 stock index also hits a new record.
2024-10-01 07:26:00
On the 30th, the New York stock market saw the Dow Jones Industrial Average rise slightly, hitting a new record high, on the view that the US economy was solid.
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Mizuho Financial Group to invest in US asset management company to strengthen asset management business
2024-10-01 07:01:00
Mizuho Financial Group, a major financial institution, has decided to invest in and partner with an American asset management company that manages assets worth 10 trillion yen. With the aim of increasing overseas investment products and rapidly expanding business, and the government's goal of making Japan an "asset management nation," it is expected that similar moves will continue to take place in the industry in the future.
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METI to start hiring specialists to strengthen economic intelligence
2024-10-01 06:39:00
The Ministry of Economy, Trade and Industry (METI) believes it is necessary to improve its ability to collect and analyze information related to economic security, known as "economic intelligence," and plans to begin recruiting specialized personnel from external research institutes and industry.
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Postal rates to rise from today Postal service's deficit trend expected to continue
2024-10-01 05:35:00
Japan Post raised postal rates across the board from October 1, including raising the cost of sending a letter from 84 yen to 110 yen. However, the postal business is expected to continue to be in the red due to a decline in the number of users and rising logistics costs, and the postal business will be questioned about how to improve the efficiency of its business.
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One year after the invoice system was launched, businesses complain about increased administrative and cost burdens
2024-10-01 05:13:00
October 1 marks one year since the consumption tax "invoice system" began, and according to the National Tax Agency, more than 4.5 million businesses have registered. Some businesses have complained that the administrative and cost burden has increased, so the National Tax Agency continues to promote awareness of the system, including by introducing special systems that aim to reduce the tax burden.
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Minimum wage to be gradually increased from today, national average hourly wage to 1,055 yen
2024-10-01 05:12:00
The minimum wage will be raised in prefectures across the country starting October 1st. The national average increase will be the largest ever, 51 yen, bringing the average hourly wage to 1,055 yen.
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Food prices rise for over 2,900 items in October, the highest this year
2024-10-01 05:01:00
A private research company has found that more than 2,900 food items, including bottled drinks, ham, and sausages, will see price increases in October, the highest number so far this year.
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GMO Aozora Net Bank's "lump sum transfer" problem with erroneous transfer
2024-10-01 00:35:00
GMO Aozora Net Bank announced that there had been some issues with incorrect transfers in some of the transactions known as "lump sum transfers," in which money is sent to multiple recipients at the same time.
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Japan Airlines to enter into joint venture with Garuda Indonesia to strengthen international routes
2024-10-01 00:01:00
Japan Airlines and Garuda Indonesia, Indonesia's largest airline, will enter into a joint venture in April next year. They will set timetables and manage revenue as if they were one company, and will strengthen their Asian routes.
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